On Thursday, October 16, 2025, GLD, the gold ETF, closed within a hair of being overbought by 2-standard deviations relative to the S&P500 on a one-calendar year lookback window.
The closing level was 47.22% versus a 2-sigma value of 48.19%.
Gold has not been this overbought relative to the S&P500 since September of 2011.
Currently 46.02%
Gold spot prices rose 30.10% from $3348.43/oz. on August 20, 2025, the day before Jackson Hole, to $4356.28/oz. on October 16, 2025.
Anchoring to the post - Jackson Hole parabolic move misses the broader momentum behind the current move.