The charts show the Gold to S&P 500 (XAUUSD/SPX) and Gold to Nasdaq 100 (XAUUSD/QQQ) ratios are rising, indicating Gold has recently outperformed major equity indices. While the XAUUSD/QQQ ratio is still well below its 2016 peak, the XAUUSD/SPX ratio is approaching levels last seen around 2011. This suggests Gold's strong performance relative to equities is becoming significant, potentially signaling a shift in market dynamics or increased caution among investors.