Gold isn’t showing the classic topping characteristics we saw in 1980, 2011–12, or 1975–76: no prolonged distribution, no major relative peak vs stocks, no true bearish consolidation. The 1975–76 ~50% decline came after an extreme move. Gold surged 5x in 4 years and +712% vs stocks. Compare that to today: 189% over 2 years and ~100% vs stocks. Strong, but not remotely the same magnitude. Even the 2018–2026 advance, which is closer to 1971–74, included a 3-year-long consolidation. In 1975–76, Gold retraced ~58% of its prior gain. A similar retracement today would imply $3450. Not a prediction, just historical context. Bottom line: The real rotation phase (1971–74, 2001–03) still lies ahead.