``Stock market investors continue to hold on to their stocks in the hope that we will again see bull markets like in the 1980s and 1990s. But looking at the very long term Dow/Gold ratio chart this optimism seems unfounded.  The chart shows a major "megaphone" pattern that has a target of 1.  This would mean that gold and the Dow would be equal in value.  It would also mean another 90% fall of the Dow against gold.  In my view the pattern will probably overshoot and we will go well below a one to one ratio. ''

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