"Said differently, the risks of the world being at or near the end of its long-term debt cycle are significant."

End of the "long term debt cycle" = "Kondratieff Winter"

Which is the trigger for the Dow/Gold ratio turn.
Whereby people disinvest themselves of overpriced fiat assets & invest in physical safe haven assets.

The bear in fiat assets will drive the bull in physical assets.
And we're at the beginning of this phase.