Silver and gold priced in S&P 500 units. When the line peaks, metals are dominant — these are the historical metals-bull tops (1980, 2011). When the line bottoms, stocks have crowded out metals — dot-com 2000, COVID 2020 — the starting conditions for every major rotation into precious metals. As of 2026-06-05.
Silver / S&P 500
9.6
as of 2026-06-05 · -17.0% (90d)
percentile 26
z-score -0.78
Stocks favored
Ratio is low — stocks have been outperforming metals. Rotation opportunity is building.
all-time high
340.8 (1877-01)
all-time low
3.3 (2000-08)
Gold / S&P 500
0.6
as of 2026-06-05 · -17.8% (90d)
percentile 34
z-score -0.64
Stocks favored
Ratio is low — stocks have been outperforming metals. Rotation opportunity is building.
all-time high
5.9 (1980-01)
all-time low
0.2 (2000-08)
Silver / S&P 500
Silver price relative to the S&P 500 (× 1000 for readability). Visual peaks = silver outperforming stocks (1980 Hunt, 2011 post-GFC); troughs = stocks dominant (2000 dot-com, 2020 COVID).
What rotation looked like in practice. Total price return (not dividends) of each asset across defined windows. Silver and gold trounced stocks from the dot-com top through the 2011 metals peak; stocks took back the lead from 2011 onward.
Managed Money net long as % of open interest (weekly CFTC). Low percentiles are contrarian buy zones (washed-out longs); high percentiles flag crowded trades at reversal risk.
Gold · MM net long
35.2%
2026-05-26 · 303 t net long
3y pctl 57
full pctl 69
z-score +0.58
Neutral / mid-range
all-time high
49.7% (2016-08)
all-time low
14.7% (2018-11)
Silver · MM net long
16.4%
2026-05-26 · 1564 t net long
3y pctl 11
full pctl 6
z-score -1.44
Washed-out — contrarian buy zone
all-time high
51.9% (2017-04)
all-time low
9.1% (2026-02)
Managed Money net long · CFTC Disaggregated · weekly since 2006