GLD ratio vs S&P
GLD has been selling off relative to SPY in 2012. It is returning to a level that may be supportive based on the following 5 year chart:
In the above chart, the black line is GLD/SPX, and the blue line is the S&P. The highlighted areas simply note that major gains in gold relative to equities have occurred during market selloffs of varying severity. The current bullish period looks like it is not a bad time to be accumulating gold for the long term investor.