This is a long term chart of the Dow Jones Industrials Index showing the 4 different Kondratieff seasons (Spring, Summer, Autumn, Winter). Spring and Autumn are secular bull markets and Summer and Winter are secular bear markets. I reckon that the Winter bear market will take stocks down to about 4000 points and Gold to about 6000 USD/oz. This would result in a Dow to Gold Ratio of 0.75 and conversely a stock market collapse of ~ 98% in real terms measuring from the peak in 2000 when 44 oz of Gold were required to purchase the Dow Jones Industrials.