The issue is performance not explanations and excuses. That it went up hundreds of percentage points is irrelevant. You keep talking about the past or what might be in the future. That is very shaky.

Right now TRE is in a downtrend and will copntinue to be so until it goes above 9.

TRE was at 9 when gold was at 700.

TRE is barely above 6 with gold at 1400.

TRE is losing value in a huge way. TRE should be at 18 if it had kept up with the rise in gold. As of today TRE is not keeping up and you would have to be blind not to see it.