Why gold's recent declines could be good news for the stock market

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• Gold prices have tumbled since the start of the Iran war, bucking the metal's safe-haven status.
• The S&P 500-to-gold ratio has popped in this time, a bullish sign for equities, Morgan Stanley said.
• Morgan Stanley's Mike Wilson said he sees no evidence any adjustment to EPS outlooks are warranted.

Gold hasn't lived up to its status as a safe-haven asset during the three weeks of the Iran war, and that might actually be good news for equity investors...