As long noted, the long gold trade continues to outperform stocks. The daily "beta" in gold, as wrong as this statement is, continues to be higher than stocks, with risk assets underperforming gold on a daily basis now, which incidentally closed at a fresh all time high spot level north of $1,370. And yes, gold has far outperformed the stock market rally since September. In short: stocks, priced in gold, are down -0.76% for the day. This is better known as visualizing the Fed's dollar devaluation in relative and absolute terms. With each passing day, the upside in stocks lags the loss in purchasing power. Which is precisely what the Fed is hoping to achieve.