When measured in gold, the only real money, the Dow is worth about half of what is was worth in 2000

What happens if you use the same logic for house prices ?
Does that mean that home prices are really not in a bubble, since they are now relatively cheap compared to gold ?

…. ANd don;t give me the same stale argument that houses don;t follow the same rules because they can’t be transacted across international borders or easily transferred. I can buy or sell a house with cash and use that cash to buy/sell gold. Although the market is not as liquid, it is still possible to transfer assets to/from gold, real estate, stocks and cash fairly easily.