Rates rates rates. Lower interest rates in the US are a tailwind for US RE and result in US RE outperforming Global Ex-US Real Estate.
The US RE vs. Global Ex-US RE ratio is breaking down is priced at January 2020 levels
Gold trading below the 200 DMA is interesting given all the inflation talk. If you have a strong conviction for gold as an asset class over the next 5-10 years, picking up Gold here should be a no brainer.