$SPTGD vs. Gold
It could be that gold prices have not yet caught up with inflation itself, setting aside all other considerations, where a gold price average of $400/oz. in the 1990's has not yet been caught up.
The 40-year inflation adjusted average gold price according to shadowstats is well north of $2000/oz. this year. The lights simply won't come on before then.
Small wonder then, that gold miners are caught in a desperate, quixotic, inflationary rut. And they have been since 1997.
In other words, A BEAR MARKET.
http://scharts.co/13j06V7
-F6
