This ratio does not turn on a dime when it breaks down unless growth is sustainable, which has not been the case over the past 5 years.   Another reason it’s 1976-77.

5 yr

(edit) Today’s ratio 13.55 (or so), not hit since early 2015 on the upside/crest of the arc. Aside from the number it’s the direction of (what I see as) the inevitable which confirms a solidifying new bull market.

dow-gold mom lower low

100 yr

100 yr dow gold