In your example I would say they were wrong, as your supposed rally in 2003 was more an artifact of inflation than anything.
So, you are saying that an 87% increase in the S&P 500 over a 4-year period is a “supposed rally”.
Priced in gold or oil equities have been in a bear market since at least 2000.
This is an artifact of your arbitrary (or deliberately deceptive) selection of 2000, which is the peak of a stock market cycle and a near-bottom of the gold price cycle.
If you look at stocks measured versus gold from 1980 to today, you would observe that the DJIA has risen by 8-fold as measured in gold. What’s that ? A 900% increase in stocks ?
1980 was the last peak in gold prices. 2008 is the current peak (for now). Looking over partial cycles results in distortions due to the phasing of those cycles and is driven almost entirely by gold speculation.
