I have managed to locate a chart which, at least partially, illustrates this dynamic. The chart only goes back to 1970 but, ... driven the commodity-to-equity return ratio to extremes.

In the past, when this ratio reached such levels, commodity supercycles began. Charted: Commodities vs equity valuations (1970–2023) - MINING.COM Copper $ 5.4545 / lb -0.47% ...

Backtesting the gold/silver ratio as a signal to measure the broader impact of the equity markets. Since March 15th of this year, the inverted gold/silver ratio has been a barometer for moves in ...