With Gold making 52-week highs on a daily basis and the US Dollar making 52-week lows, below we highlight a chart of the two going back to 1975. As the chart shows, the two move in the opposite direction of each other most of the time. Gold made its all time high of just under $850 back in January 1980 only to quickly reverse and move sharply lower.
While Gold currently remains about $100 below its all-time highs, the ratio of Gold versus the US Dollar index is much closer to all time highs (2nd chart below). Most people seem to believe Gold will continue higher and the Dollar will go lower, but contrarians have a pretty compelling case based on these charts as well.