Shares as priced in Gold, then and now.
I have heard Schiff talk of the Dow in terms of the Dollar and Gold. Schiff seems to think that the Dow is overpriced in gold terms, and that the Dow will get much cheaper in terms of gold.
The author of the article agrees and has many charts to back up his assertion that Gold has a long run up coming its way and that shares have a way to fall yet.
The link at the end of the article http://www.gold-eagle.com/editorials_08/lundeen010309.html is a fantastic analysis of current and past share and gold prices. he finishes with:
I like gold and silver mining. As long as the politicians who control the geographic region where the gold mines are located don’t nationalize the company’s assets, these companies will do well in the next decade. Think of gold and silver as the ultimate sponges for sopping up the Fed’s "liquidity.