David Ranson of Wainwright Economics:
When gold was up more than 20% over five years, the median return from largecap stocks was 2.1%
When gold was up less than 20%, the median return from stocks was 44.7%
When gold was unchanged, the return was 52%.
When gold fell less than 20%, the return was 68.7%.
When gold fell more than 20%, the median return was 99%.
… the better for gold, the worse for stocks. Which makes the simultaneous strength of gold and equities today look all the odder.