Since the odds of a Fed rate hike at its December meeting shot up above 80%, gold has actually outperformed the S&P 500.
That out-performance widened further on Friday when gold was .4% higher on the session while the S&P 500 suffered a -1.8% drubbing.
Either the market is betting that the rate hike isn’t going to happen or that a rate hike has already been priced into gold while not into equities.
Via Energy and Gold.com