gec, the change in axes just moves the disparity a year or two back so we supposedly don't have to think about it anymore. your "pseudoscientific" scattergram seems to prove goldman's point- the drop from +0.25 to -0.75 on the tips yield seems to produce a flat gold price, i.e. tips are showing inflationary expectations more than gold is lately. longer term charts of gold, however, show equally frustrating [for gold owners] and as long or longer periods of pullback and consolidation in the midst of longer term bull moves for gold. in the mid '70s the price of gold was cut in half [from about 138 to 70 iirc- i'm not looking it up], before the bigger moves upward. so to my mind showing that gold hasn't performed much in the last year and half doesn't prove anything for the longer term.