...gold's "capitalization" as compared with paper in the form of equities and fixed-income products is way below what it was in 1982. The big gain was in the equities category.
That drop is largely reflective of the 1982-'00 bull market in equities. The Dow is still way above where it was in '82. Believe it or not, there were cheers when the Dow made it above 1000 - yes, one thousand - in 1983.
The only time when the Dow/gold ratio ever sunk below one in the last hundred years was in early 1980, at gold's peak. This chart, from a BullionVault.com article on April 29th, 2009, shows another time when the ratio hit one:
Right now, as a Stockcharts.com ratio chart shows, the ratio is around 7.7. It got as high as 10 when the Dow peaked.