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Gold-denominated S&P 500
Late last year
because the price action of the S&P 500, priced in gold, is similar to that of the 1970s
I went to cash and have stayed that way until now
see the chart above
If we say that the decline caused by the pandemic was an accidental exogenous shock
then apart from that portion
the current overall market trend is basically still replicating the 1970s