your equities verus gold pseudo comparison (1) you pick a timeframe to suit your agenda of downramping (2) your equities contain gold miners (3) youre asking a commodity to outperfom a miner of a commodity.. so the industrial metals that you favour get to be judged by the miners not the commodity on the equity side, yet on golds side you only want to look at the commodity
how about you draw a chart of gold miners versus equities excluding gold miners and start your chart over a decent timeframe that doesnt begin from the peak of either class if you want to have any kind of honesty to your analysis