A Seeking Alpha article opines that the 128 year chart spells trouble for gold. The opinion is based on the hypothesis that gold should fall in value relative to stocks over the years. I don't see any reason why this is so. It assumes that gold has lost its utility compared to stocks. I disagree. I think it is a much better hypothesis that all assets grow in and out of favor unless they lose their utility such as the horse relative to the car. I think we are now at the equilibrium and that gold could go either way relative to stocks.
Disclosure: I am long SGOL.