Your comment in apost:
“On a key indicator I use, there was a peak on the monthly back in early 2016.
That coincided with the top for this ratio over the last 4-5 years. See for yourself in SC as UGL:SSO (need a sub for monthlies)”

Steve Saville at SI Blog :

What’s required for gold bull market?

https://tsi-blog.com/2019/12/whats-required-for-a-gold-bull-market/