At the height of Gold's rally in March 2020, Gold/BTC ratio stood at 0.30.
Today that ratio has fallen to just 0.037 reflecting that Gold has underperformed substantially against BTC. At the Oct 22 stock market lows, Gold/BTC stood at 0.072.
This suggest that Gold has a lot to catch up to BTC or BTC is due to fall sharply (though the halving process suggest an even higher BTC price to come). But even if BTC stands at $65k, Gold would need to get up to $4680 to return to Gold/BTC ratio at 0.072. Alternatively, a 50% crash in BTC to $32.5k would get Gold to be at $2,340 for the 0.072 ratio to stand, which isn't far from where Gold is currently sitting.
When you look at this comparison perspective, you can only conclude that Gold price at $2,400 is still cheap and has ways to go upwards.
