Here's the S&P 500 ... priced in gold

It's a rough morning for gold.

The precious metal is down about 1.5% to $1,113 an ounce, another 5-year low for the commodity that has been getting slammed this year.

Overnight, the price of gold had a flash crash, falling about 3% in just a matter of minutes to as low at $1,080 an ounce. And this decline came after gold hit a 5-year low on Friday.

But since real gold bugs won't see the price of gold in fiat, central-bank manipulated dollars as the true value of the metal, we need to look to the value of other things priced in gold.

Like, say, the S&P 500.

Here's the S&P 500 priced in gold, with an increase in this price showing a decline in the value of gold relative to the S&P 500.

This measure bottomed out in 2011, when gold hit an all-time high above $1,700 an ounce.

But gold is now down about 40% from its peak while the S&P 500 is near an all-time high. And priced in gold, the S&P 500 is now around 3 times more expensive than it was at the bottom.

Meanwhile, below are the charts of the price of gold and the S&P 500.

Gold is down. Stocks are up.