Indeed, all four speakers at the SocGen event used a chart of the cyclically adjusted ratio.

ECONOMIST: Two contrary views on the outlook for markets

Comex gold futures prices are modestly higher in early U.S. trading Friday, on some position-squaring and more chart consolidation ahead of the most important market event of the week, if not the month: a speech by U.S. Federal Reserve Chairman Ben Bernanke on Friday morning.

FORBES: Gold Firmer on Position Evening as Bernanke on Deck