Benjamin Cowen: Gold Breaks $4800 and the Rotation Trap


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Source: Youtube Benjamin Cowen

Type: Video

Published: January 21, 2026 at 08:49 PM (about 3 hours ago)

Video Description

Gold has officially shattered the $4,800 mark, and while the headlines are buzzing about "Gold Fever," the real story is happening under the hood: the SPX/Gold ratio is breaking down.

Many investors have been conditioned to believe in a "Rotation" theory—the idea that once Gold tops, the capital will flow back into risk assets like the S&P 500. But history tells a different, much more sobering story. When Gold surges to these levels while the S&P 500 begins to lag, it’s rarely a sign of a healthy rotation. Instead, it’s often the final warning shot of a major risk-off shift.

In This Video, We Break Down:

SPX vs. Gold Breakdown: We analyze the relative strength chart and show why the S&P 500 is losing its decade-long battle against hard assets.

The Rotation Trap: Why the idea of...

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