For your reference:

This is the 100-year chart of the S&P 500 in #gold terms that I allude to in my recent interview with @Brandon Gentile



This "30,000 foot view" of the secular peaks and troughs of US asset financialization is incredibly telling... and critical to grasp.

History does not repeat... but it does rhyme.

Based on this chart, I think the closest correlate with where we are in the current cycle is approximately 4Q 1972.

Question:

If, in 4Q 1972, you could invest for the ensuing 10 years in either:

- US financial assets (including stocks, bonds, and real estate)

OR

- International equities and hard assets (including bitcoin and gold)

...which would you choose?

I'm not telling anyone what to do. But I am encouraging you to consider where we are--economically-speaking--and, importantly, where we are headed.

Onward and upward.