This is the most important gold chart.

Gold/SP moves in a large trading range. Each cycle within that range takes roughly ~1 decade from peak to bottom. The seizure of Russian assets marked the current cycle top ~4 years ago.

Assuming current S&P levels hold, to reach:

- The 2008 low, gold would need to trade at ~$8,300/oz

- The 1979 low, gold would need to trade at ~$40,000/oz

Interestingly, if you had gone all-in on gold in the late 1960s, you would have outperformed the S&P for over 6 decades.

The current gold cycle has just begun and has further room to run.

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