Sovereign debt concerns appear to have slammed both the euro and British pound, in terms of how much gold they can buy. It's a flight from the 'money printers':
Gold just hit a new high in British pounds...
And is at a high in euros as well....
Meanwhile, it is re-approaching its recent peak in U.S. dollars too.
Just don't forget that stocks can be inflation-protected too in the long-term assuming companies can increase prices in line with potential inflation over time. Note that, over the same time period as above, a chart of the S&P 500 looks similar to the euro and pound gold charts.
Still, as is the case with gold, it's all about what price you get in at, ie. how much expected future appreciation is or is not already priced-into the assets. That's why stocks look horrible on some longer-term time scales from back when they traded at higher valuations.
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