S&P-to-Gold Ratio Suggests Major Upside Remaining in Gold Bull Market, Commentary Argues

The current gold bull market still has substantial room to run, with the S&P 500-to-gold ratio remaining well above prior cycle lows, according to market commentary.
Assuming the S&P 500 holds near current levels, a return in the ratio to previous troughs would imply significantly higher bullion prices:
- 2009 ratio lows: Gold reaches ~$11,400
- 1980 ratio lows: Gold reaches ~$46,400
The outlook points to mounting sovereign debt burdens, persistent inflation, and aggressive central bank gold accumulation as ongoing tailwinds—concluding that investors remain underallocated to gold for what lies ahead.