Just as I've said, all assets—gold, SPX, oil, CRB—are going up together. Sure, there will be brief periods where something will diverge for few weeks or months. But the natural state of markets during periods of global QE is for everything to rise.
Analysts assumed that gold was in a natural bear market. It wasn't. I continue to see clueless analysts expecting the stock market to collapse and gold to soar.
If the stock market collapses it would be a massive deflationary event. Well, during a deflation gold is going to crash as well. We aren't going to have deflation. Everything is screaming that inflation is coming.