The Bottom No One Wants May Be Forming: SPX/Gold - If gold in terms of the S&P 500 (SPX) holds its Sept. 30 level, it will mark the highest gold/SPX year-end ratio since 2014. ETF investors have noticed: Total gold holdings have jumped 16% in 2025, on pace to match 2020's 29% gain. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t3g6qdgpqqap {BI COMD} #gold #stockmarket #etfs @BBGIntelligence(Mike McGlone)