S&P 500 Priced in Gold

For some perspective on the long-term performance of the stock market, today's chart presents the Dow priced in ounces of gold (i.e. the Dow / gold ratio). For example, it currently takes 8.8 ounces of gold to 'buy the Dow' which is considerably less that the 44.8 ounces it took back in 1999. Priced in gold, the Dow has been in a severe 11-year bear market. Lately, however, the Dow (priced in gold) has stopped declining for long enough to break above its six-year, accelerated downtrend channel.