Edit: Added part 1

Gold Exploration – Report December 2006- Bob Hoye

Continuing with current charts of Gold’s real price, Yield spread and credit spread.

From TSI Blog:
“there’s a good chance that the gold/commodity ratio will make a multi-year peak this year, due mainly to increasing strength (catch-up moves) in other commodities.
With generally widening credit spreads signifying declining confidence and generally narrowing credit spreads signifying confidence. It would logical if there were a positive corelation between the Gold/commodity ratio and credit spreads.”

https://tsi-blog.com/2016/02/explaining-golds-relative-expensiveness/