From Sean Goldsmith, Editor, Stansberry Digest:

Last Thursday, gold hit a one-year high of $1,263.37. The precious metal rallied 7.1% that week, its biggest rally since 2008, pushing prices up 14% this year.

Gold is on a tear.

But it looks even stronger when you compare it with stocks…

You can see this clearly in the chart below of the gold-to-S&P-500 ratio:

Is this just a short-term bounce after a grinding, four-year bear market? Or is this the start of something bigger for gold? Both the macro environment and the technicals point to higher prices for gold.

We’ll look at the macro environment first…

The biggest strike against gold is that it doesn’t yield anything. But thanks to a global race to the bottom for fiat currency, neither do government bonds.

In fact, one-third of global sovereign bonds sport negative yields today. Another one-third yield between 0% and 1%.…