I wouldn’t base it on such a short observation period. These asset classes just happened to rise together in the past year. Take the late 90s as an example and you’ll see that equity markets foreign or domestic were generally having a good run while gold was going nowhere but south.

Having said that, Gold’s inverse relationship with USD is more probable as it’s considered by many as a “currency” and there’s a fundamental argument that they should be negatively correlated. And keep in mind that even this relationship breaks down from time to time. During most of 2005 when gold continued its up trend, the USD traded higher compared to most major foreign currencies.