It may come as a surprise to some that when the market's performance is expressed in the opposite of infinitely dilutable paper, we are currently just barely 15% higher than the generational S&P low of 666. As the chart below demonstrates, the S&P expressed in gold is plunging, and has dropped 22% from its 2010 highs, down 18% from the beginning of the year, and just 15% higher than March 5, 2009. As Russia and GLD have been demonstrating so aptly over the past 5 months, gold is not dilutable, and can not be contaminated with various Greek sovereign bond holdings. It is, in summary, pure, and is immune from that strain of 100% lethal, and printerborne, Central Banking syphilis where one's paper rots off. Which is why the Dow may easily pass 36,000. The issue is that at or about that time, the Dow to Gold ratio will be 1. Note also, the downward channel in the SPX/Gold index: each day this channel is not broken, is another day that Bernanke pops a few extra Ambien.