Dow lost 40% in gold in 2009 and 80% since 2001!
 The S&P 500 in Gold lost +87.26% since 2000.

"What sense does it make to accumulate Fiat Money (Treasuries & bank deposits) which are slowly but surely becoming worthless..."

• We advise avoiding any stock market as long as it remains in a BEAR market trend, as expressed in Gold or Real Money. Stocks, however, will perform better than BONDS, MONEY MARKET FUNDS, and SAVINGS ACCOUNTS/BANK DEPOSITS.
• The chart to the left of the Dow (click to enlarge) is a better example of the general trend. The performance of many Stock Market Indexes is even worse...
• For the Secular Downtrend to remain in force, GOLD must rise more than the stock markets, or the Stock markets must fall if GOLD moves sideways.
• It is not because a stock is quoted in Dollars or British pounds that it is, in fact, a Dollar or Pound investment instrument. Shares can be quoted on stock markets of different countries, and the share price will reflect the original currency.
• Under actual conditions, Equities are a better investment than any available bond.
• The Dow/Gold ratio peaked in 1999 and is now in a downtrend. Once the current correction is complete, the ratio will resume its upward trend toward the 1:1 level, similar to 1980, when the Dow was at 850, and Gold was also at $850. The only question is at what level the Dow and gold will be when they reach the 1:1 ratio. Will it be the Dow Index at 10,000 and Gold at $10,000? Or will we see hyperinflationary levels, with the Dow at 100,000 and gold at $100,000? The absolute level is really irrelevant. Whatever level they meet will involve a catastrophic loss of real capital for a stock market investor.

These PF charts answer an essential question and show what REALITY looks like!

The best way to measure the Dow in real terms is against gold. Gold is the only money that has endured for the last 5,000 years; it represents a stable form of purchasing power. Over time, gold doesn’t go up. Instead, paper or fiat money goes down until it reaches zero.
The charts below show indices expressed in FIAT GOLD. Expressed in Physical Gold, they look a lot worse than those expressed in Fiat Money! 

Green-colored charts indicate bull trends, Red indicates bear trends, and White indicates sideward trends—and we don't know yet!
AVERAGE LOSS is 80% for leg #1 - Average EXPECTED loss for leg #2 = 80%