Cyclical/Defensive Equities Ratio and 10-Year Treasury Yield

Cyclical/Defensive Equities Ratio and 10-Year Treasury Yield The chart shows the correlation between the cyclical/defensive equities ratio and the 10-year treasury yield, signaling an economic slowdown. Picture source: Morgan Stanley Research

Demographics – Dow Jones and Generational Peaks

Demographics – Dow Jones and Generational Peaks This chart shows that generational peaks are associated with major market tops. GenX peaked in 2018 and Millennials don’t peak until 2038. Picture source: Fundstrat Global Advisors, LLC

Central Bank Balance Sheet to GDP Ratios

Central Bank Balance Sheet to GDP Ratios Central bank balance sheet to GDP ratios, influenced by monetary policy, vary from one economy to another. Picture source: Bianco Research

Demographics – Old Age Dependency Ratio

Demographics – Old Age Dependency Ratio The world’s population is ageing and demographics explain low interest rates. Picture source: Arbor Research & Trading LLC

The Gold to Oil Ratio since 1985

The Gold to Oil Ratio since 1985 When the gold to oil ratio approaches 30x, oil is undervalued. When it approaches 10x, gold is undervalued. Picture source: Goehring & Rozencwajg