Just a bit of broader context on this also because it is...

Just a bit of broader context on this also because it is pertinent regarding the price of gold and SPR by default. Twice in the last 100 years, gold relative to the S&P500 has had two very large increases (S&P decreases). (1) 1929 (2) 1968 both lasting 13 years and 14 years respectively, accompanied by a large swing of MACD shown in the lower quartile. The pattern is quite evident and the timing coincides with large economic and monetary dislocations in both instances. The pattern is (a) an initial burst followed by (b) consolidation and (c) re-acceleration (acutely in the case of 1972 for obvious reasons). As you can see below a repeat of this pattern (might) be in progress. It starts at the tail end of Greenspan's great moderation (2000-2007) with gold peaking in 2011 followed by consolidation (S&P out performance). Now we can anticipate the third and final move which will be made up of either (1) gold increasing, S&P decreasing (2) gold stagnant S&P decreasing.

However someone wishes to interpret or disregard this, is up to the individual. But... given the fiscal and monetary madness we experienced over the last 4 years, I personally wouldn't touch US equities with someone else's barge-pole.