Gold’s bear-market dip could signal brighter odds for stocks, Morgan Stanley says

Gold fell into bear-market territory, dropping as much as 23% from its peak, while Morgan Stanley’s Mike Wilson argues the S&P 500–to–gold ratio has surged (about 12%) as bullion weakens. He says this divergence suggests equities may be pricing in less geopolitical risk and could be a positive longer‑term signal for stocks, even as gold remains under pressure amid geopolitics and possible government gold sales; markets added to gains after Trump signaled talks with Iran.