Sometimes it is good to just put the data up and let it speak, whether or not we want to hear the message or whether it even seems to make sense.  From MacroTrends…

The Fed’s balance sheet and gold on their post-2012 divergent paths. With QE terminated, we will see which of these lines adjusts going forward.

Yeh, gold to monetary base has really done its job protecting people from the dreaded inflation. Sheesh… However, let’s keep in mind the idea of extremes (in data, in sentiment, etc.) and what happens when phases pivot and snap backs occur.

Has this whole event in gold been merely a well and good correction prior to new eventual ← [that's a key word, relax] upside?

S&P 500 happily sails north while its usual running mate, crude oil has flopped. Recall here that the media will make up all sorts of things about the why’s after the what’s have already taken place. The what is that a commodity positively correlated to the economy has turned down hard. The Saudis are not cutting production, you say? Right. They are not cutting production of copper, grains or strategic minerals either.

Per MacroTrends… “Compares the movement in the real dollar index with gold and oil prices since 1974. The oil and gold series are adjusted for CPI inflation and the real dollar index is adjusted for the relevant trading partners own currency inflation rates.”