Bottoming Gold vs. S&P 500, Volatility - Gold may be bottoming vs. the S&P 500 (SPX) with plenty of upside room, if volatility near multiyear lows is a guide. My graphic highlights what the ancient store of value -- going parabolic in 2025 -- may be signaling: SPX 120-day realized volatility at 11% to catch-up to the VIX around 24 on Nov. 18. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/t5z068gq1yq5 {BI COMD} #gold #stockmarket @BBGIntelligence(Mike McGlone)