There's been a lot of chatter around gold lately—and much of it hasn't been bullish. That's largely because gold (and, as a result, the GLD Gold ETF ) has failed to reclaim its April highs. But let's zoom out. Back in October 2023, soon after GLD bottomed, we began tracking the performance spread between GLD and the S & P 500 . Up until the end of 2024, the performances were remarkably even. They didn't move in lockstep the entire time, but they didn't drift far apart either. That changed in December. Gold took off while the SPX sputtered — before ultimately collapsing through the first week of April. By early April, the spread had widened to nearly over 100%. It looked like a runaway train—until the stock market's historic pivot. Thanks to the epic equity comeback, that spread has since b

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