I did see gold acting as a lagging asset following market value increases, but at times with a large gap, or spread that returns to the mean. This sort of makes sense because gold is a market input, like oil- I don't view it as a store of value really.
The largest this spread has ever been was before the last recession on the log chart, I made a measurement on the chart showing that this spread is equal to the one occurring now, so maybe they will meet somewhere in the upper half of the spread range... gold testing previous 2011 highs. 1900 usd/oz? That's quite .
Should be interesting to see what happens.