Group 1 - The divergence in performance between gold and crude oil is noteworthy, with gold being viewed as a key store of value and crude oil as a critical global commodity [1] - WTI crude oil prices are expected to see the largest annual decline since 2020, while gold prices are on track for a third consecutive year of gains, with gold outperforming WTI crude oil by 39.6% year-to-date as of August 21 [1] - The WTI crude oil/gold price ratio is at a historical low of 0.0185, indicating potential economic growth when the ratio rises, and economic weakness or geopolitical risks when it falls [1] Group 2 - The stock market appears to favor cheap energy, which is essential for economic operations, as indicated by the WTI crude oil/gold ratio frequently dropping below 0.037 since 2015 [2] - Historical data shows that when the WTI crude oil/gold ratio falls below 0.037, the S&P 500 index has a stable overall win rate with a median return exceeding 20% one year later [2] Group 3 - The S&P 500 index has risen by 8.7% year-to-date, with the WTI crude oil/gold ratio exceeding 0.137 only a few times in the past 40 years, correlating with poor S&P 500 returns during those periods [3] - A key factor for maintaining strong economic performance is the availability of affordable and low-cost energy, which has historically led to better stock market performance when energy costs are low [3]