The Dow in Gold: Pricing Yo-yos in Meerkats?

I’m always uneasy about these “Let’s price Thing X in Commodity Y” exercises (hey, let’s price yo-yos in meerkats!) – if thing X was supposed to be priced in commodity Y, it would be priced in commodity Y – but this one is at least semi-useful. Here is the Dow index in gold since 1900:

[via Rolfe]