HodlMagoo’s 08/2026 version: the S&P priced in gold is −66% from its 2000 high and below its August 1971 (Nixon) level — “you just don’t see it because you measure your life in dollars.” His own chart (Shiller data, honest as drawn): S&P/gold 5.4 in 2000, 2.26 in Aug 1971, 1.82 in Jul 2026.
Two method problems. Endpoint selection: 2000 was simultaneously the equity bubble top and gold’s secular bottom (~$280) — measuring from the ratio’s most extreme point ever recorded guarantees the dramatic number. Price vs total return: over 26–55 year horizons, dividends dominate; the S&P price index in gold can be below 1971 while the total-return version compounds far above it. Gold pays nothing, so the longer the horizon, the more the omission flatters it.
What survives the critique: over the free-float era, gold has genuinely kept pace with equity prices peak-to-present, and the unit of account you think in shapes what you perceive as “up” — the real content of Ratio charts and the Debasement trade. Note the handle: a bitcoiner selling the fiat-illusion worldview.
The one-line version, with a name attached (fuelkek quoting Dalio, 08/2026, https://x.com/fuelkek/status/2092749178934120710): “if you devalue the money, it makes everything appear to be going up.” The poster’s wrapper — “the stock market boom is a lie… the death of the dollar… 99% have no idea” — is the fiat-illusion sales frame again; Dalio’s sentence is just the unit-of-account point above, which is correct and doesn’t need the 99%.