What's Not Bullish About This Long-term Chart?

Let's not confuse the message of thus post with technical jargon and fancy analysis.

What's not bullish about this chart?

S&P Gold (Formerly Precious Metals Mining)*
*S&P Gold from 1945, Barron's Gold Stock Index from 1939-1945, 1922-1939 Homestake Mining:


Harry S Truman, known for his plain talk, said it best,

If you can't stand the heat, get out of the kitchen.

Some might be tempted to add some profanity for emphasis.

While you search for the right word, I'll throw this chart to help pass the time.

S&P Gold (Formerly Precious Metals Mining)* to Gold Ratio:
* S&P Gold from 1945, Barron's Gold Stock Index from 1939-1945, 1922-1939 Homestake Mining: