Hey Goldtent! With Nasdaq/QQQ and broad markets making new highs, it’s curious to see how gold and the miners are holding up.

Here’s a combo chart showing monthly ratios of Nasdaq 100 vs Gold (QQQ:GLD) and Nasdaq 100 vs Gold Miners (QQQ:GDX). Two completely different pictures. Nasdaq 100 vs Gold shows a possible continuation higher with the QQQ:GLD ratio well above the upward sloping 50 month moving average, neutral RSI and an ascending MACD. However, Nasdaq 100 vs Gold Miners shows a possible topping pattern with a flattening 50 month moving average and descending RSI and MACD (examples of negative divergence). This supports a thesis that we can expect the Nasdaq 100 index to outperform the price of gold, but gold miners look like they can outperform the Nasdaq 100. With broader markets moving higher, we’ve been seeing small cap, mid cap and “value” index funds catching bids which can help support the price of gold miner stocks as a group.