SPX/gold ratio bounces from 1.29 in January, Mike McGlone analyzes

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SPX/gold ratio under pressure after 2024

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Anastasiia Chabaniuk

01.05.2026

SPX/gold ratio bounces from 1.29 in January, Mike McGlone analyzes — SPX/gold ratio under pressure after 2024

Mike McGlone, industry influencer, highlights the continued weakness in the SPX/gold ratio after it breached the 2.0 support level in 2024.

In his latest market commentary, he notes that the S&P 500 in gold ounces stood at 1.58 on April 31, having rebounded from 1.29 in January, the lowest point since 2013. McGlone raises the question of whether the ratio can recover in 2026 or if the downward trend will persist.

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Earlier in 2024, McGlone noted that U.S. stock-market capitalization dropped by about $3 trillion, potentially leading to increased volatility in equities. He also highlighted the potential for U.S. Treasuries to rebound compared to gold after reaching relative lows in his commentary. These observations provide further context for his focus on the SPX/gold ratio.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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