=SPX/XAUUSD
That is, the S&P 500 priced in ounces of Gold. You can see that since 1971, when Nixon closed the gold window, you’ve basically BROKEN EVEN.
You were down in the 80’s, up in the dotcom boom, down in the GFC, but back to par now.
This chart shows that virtually all of the stock markets gains are the illusion of growth created by a depreciating fiat currency unit.
