Friend-of-Slope Gary Savage has been touting precious metals a long time, and he's certainly been doing well lately. As an experiment, I punched in (GLD/SPY) in ProphetCharts to see what the ratio chart would look like, and here it is:
GLD is very close to pushing past its all-time high of June 28th. If it does, it'll be interesting to see just how high it goes. Gary writes that gold and the Dow will reach a 1:1 ratio ultimately (example: 6000 on the Dow and $6,000/ounce for gold, or whatever the prices may be). We shall see!