I have never quite accepted the Dow/Gold ratio theory as I believe there have been many times when the facts conflicted with the theory.  This is why I posted the news about central banks buying gold in record amounts.  Want a more graphic example of why this is so important?  Check this.

https://www.macrotrends.net/2485/gold-to-monetary-base-ratio

Note that after 1979 central banks and their allies were very active in trashing gold as an asset, "That barbarous relic".  They were so convinced of this that some nations sold all of their gold - Canada, England, Australia to name a few.  Meanwhile, our Fed and Treasury never sold an ounce, or so they say.  China and Russia a few years ago became leaders in rebuilding inventories, and now it's a hot trend.

Why?  Because central banks are in a better position than anyone else to understand what is coming next in terms of real money v. fiat.  That is what's most important for producers of gold and other metals to embrace now.  What this may or may not mean for stocks is a secondary issue in my opinion. 

VP