Here's a simple answer to the question...

Here's a simple answer to the question -

http://pricedingold.com/dow-jones-industrials/

Price the Dow in something other than a fiat currency (most certainly NOT $US). The Dow priced in $US can probably shoot for the moon.

Sorry but I haven't bothered to master the art of posting graphs on HC.
And I haven't got a chart that measures the XAO priced in gold - which would be very interesting to view and would probably bear out the view that the XAO in comparison to the Dow is underpriced but I'm not sure that means the XAO should necessarily be any higher than it is right now.