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http:\/\/ritholtz.com\/2013\/06\/sbg\/<\/a><\/p>\n As a measure of sentiment (the ‘Miners’ concern you expressed), I couldn’t find a HUI comparison chart to include the yellow boxes above but relative to gold (macrotrends.com interactive chart), during 2000-2003 it was up against gold 300%.\u00a0 However mid ’07 to the bottom in ’09 it lost 50% against gold and then quickly recovered to only a 20% loss at the end of ’09, so as far as impact on miner stocks is concerned it’s hard to correlate.\u00a0 I’m sure someone else can provide a chart of what miners did during the two episodes in the ’70’s.<\/p>\n Questions for myself – Are CB’s going to keep the status quo for the next 5 years without going to NIRP (or other means of devaluing the USD – see my earlier GT post about the downward slope of the Fed Funds rate crisis ‘ceiling’ and running out of time)? are the odds of a war de-escalating or black swans events in general? are bonds reasonably priced vs risk outlook instead of mark-to-fantasy? are stocks reasonably priced – since my answer to these questions is pretty much NO, my belief is PM’s aren’t just going to peak up 50%, nor will the miners.<\/p>\n","protected":false},"excerpt":{"rendered":" What does gold do when stocks and bonds go south (and relative to the dollar)\u00a0 1968-2013.\u00a0 I couldn’t find one with the USD included so just noted direction.\u00a0 I blew up the chart from the link below focusing on the … Continue reading