The Nikkei with Japanese GDP/(national debt) ratio at 0.5 is also at a 9 August 2011 6/15/15 week: x/2.5x/2.5x maximum blow-off equity growth fractal.
But it is puny compared to the robust DAX. Both countries have had their equity tax laws influenced by the 1945 winning London and Wall Street trading houses and affiliated political parties.
It is, however, the XAU, that deserves the 'The Ugly' nomenclature.
The valuation pattern of XAU will be retrospectively studied and cogitated repetivelely in future times when time dependent quantum fractal growth is accepted as the way the debt-money-asset system operates and self-assembles....
It is a combination of XAU's short term fractal progression and the long term fractal progression which represents the oppositional fractal dilemma that was long ago intuited at this juncture of nonlinear asset valuation collapse.
Up or down?
Today the Wilshire rose to a new peak valuation secondary to the 11 October 2007 high ... also completing a Aug 2011 6/15/15 week :: x/2.5/2.5x maximum growth fractal. The World Central Bank's necessary ZIRP policy has extended the tax advantaged to its time limited and valuation growth limited apogee...
The XAU fractal dilemma :: Nonlinear Decay...
12/30/26 of 30 weeks :: y/2.5y/2.5y
or continued Growth ....
15/37/ 26 of 30 weeks :: x/2.5y/2x.
Decay as longer pattern dictates..
The Wilshire and CRB. 28/70/56/37 of 42 weeks
Gold: 6+/16/13/9 of 10 months....
And transitional nonlinear decay as the
Wilshire's 1982 9/23 year
and March 2003 20/50/40 month fractal's