Munger: Gold outperformed U.S. stocks; next comes an economic recession, along with a stock market crash? Historical data shows that since the collapse of the Bretton Woods system in 1971, during official recession periods in the U.S. (defined by NBER as 8-10 recessions), gold typically rises or outperforms the stock market: in the past 8 recessions, gold rose in 6 of them, with an average increase of about 20%, and outperformed the S&P 500 by about 37% in 6 instances. However, during Black Monday in 1987, gold initially rose but quickly fell back.
