The looks of some ratios before the FOMC regales us with the latest non-action (with an IMO lessening possibility of some hawkish talk)…

Gold vs. US stocks is nearly 3 months into consolidation.

As silver vs. US stocks takes over.

Gold vs. Oil is in a protracted downward consolidation. Not a positive for mining; just sayin’ that this would eventually come into play if not reversed.

For a commodity with supposedly poor fundamentals, oil is moderating silver quite nicely as well.

EMs vs. SPY show an intact uptrend.