As you can see in the ratio chart (middle pane) below that gold’s out-performance against the SP500 came to an end in 2012 when the ratio broke both the upper red horizontal and blue uptrend line simultaneously. Since that time the SP500 has been kicking tail as it has outperformed gold by ~45%. We can also see that the ratio has been consolidating sideways since 2015, bouncing between the upper and lower channel providing gold bulls hope a turnaround was in the cards. Unfortunately, it was not to be as you can see support finally gave way to the down side last month.
Ratio charts are a great way to view relative performance but ultimately help decide which to commit your investment capital to (assuming achieving the best returns are what you desire). In the choice between gold or stocks, the chart is sending a strong message that stocks are the place to be. Like all trends this will eventually change, but until then there is no reason at this time to be (over)exposed to gold.