Black gold beats yellow gold for Raymond James strategist
Black gold or yellow gold? The question arose from a report Wednesday by Tavis McCourt, an institutional equity strategist at Raymond James Financial Inc., comparing the prices of oil and the precious metal since 1983. The ratio between them plummeted 94% through April 2020 from a July 2008 peak, according to weekly data compiled by Bloomberg. Since then, the gauge has only recouped about 25% of its loss. “Oil is still very cheap,” McCourt wrote. Energy stocks also stand to benefit, he added, as producers increasingly focus on returns rather than growth.