Tech outperformed gold miners going back to 2011 peak in gold, but that trend looks ready to break after 11 years. Tech arguably stopped outperforming gold miners in 2015, ahead of the Fed's first rate hike since the 2008 financial crisis. It also peaked in September 2018 amid the Fed's rate hikes and QT.  The global lockdowns along with fiscal and monetary responses, mixed in with extreme bullish sentiment, sent tech higher in one final melt-up.

Tech made a relative peak again in December 2021 with Fed rate hikes and QT expected in 2022...and now the first is underway and second to swiftly follow...