It appears ratio bottom in 2016. However currently it is still lower than 2014 from 0.56 to 0.36.

The only bull run in history of this ratio was in mid 1960 when gold price was fixed and ran to 7 to 8 level.

For some reason BGMI has been under performing gold since 1966. Mean reversion is 2.0 to 3.0.

With full employment now what economic condition needs to exist for this ratio to mimic the 1960?

If gold moves higher, will miners over perform gold????