Although they are heavily promoted, equities are hardly superior to gold even over long periods of time; in fact, gold has been superior over the last 20 years. Greater differences emerge when trading cycles, where the ratios shift. The current cycle speaks to large equity losses ahead as dividend yields are very low and stocks are held up because of the global money glut. Investors are also extremely optimistic and underestimate the dangers in the stock market. Bubbles created by fake money will eventually disappear along with the fake money itself. Even relative to commodities, precious metals are very favorably valued and offer opportunities, and the continued strong negative real interest rates also speak in favor of gold. Further danger for the dollar comes from Russia and Saudi Arabia, which have concluded a cooperation agreement. The U.S. empire is on its last legs, as reflected in many military failures. With its demise, the reserve currency will decay.