The long-term.

As mentioned before, one chart that causes concern is the SPX:gold ratio. An increasing ration means paper assets (SPX) are in favor. The above chart shows the historical, 50-year ratio between SPX:gold. Note how historically, SPX has been much, much cheaper than gold (black line: SPX:gold, pink line: 10-year average). The above chart does not imply that the SPX:gold ratio will fall to its 1970s lows, but be aware that no matter how cheap the SPX seems today, it's not as cheap as it was in 1980.