FWIW, I've been following this from a slightly different angle for month, and basically have come to same conclusion, too.
Just yesterday I updated my ideas on this accordingly
"S&P 500 vs. Gold : Who's going to win in the medium term ?" (published November 16, 2019)
"S&P 500 / Gold : When in doubt, this golden curve doesn't lie" (published October 4, 2019)