As cash is too easy to print, I would still prefer to look at gold/SNP500 ratio, gold/house price or other gold/stock ratios (even though you're right about the

As cash is too easy to print, I would still prefer to look at gold/SNP500 ratio, gold/house price or other gold/stock ratios (even though you're right about the correlation between gold price and inverse bond yields). Of course as technology is getting faster and creating more value, and people are moving to cities, it's hard to get a correct valuation, but still gold seems undervalued compared to these other asset classes.