The ratio is back testing the breakout from HnS formation.

As gold’s real price rises gold price rises. It broke out in jun 2007 after 20 year consolidation. Bob Hoye note in the chart comments.
Except the time between 2007-2008 crash gold has gone up with the Real price of gold.

Article by TSI:
http://tsi-blog.com/2016/12/gold-has-peaked-for-the-year-revisited/

Gold to CRB: