If we look back to 1990, the total return of the S&P 500 has outperformed gold by nearly a 4:1 growth ratio.
However, if we set our time anchor to 2000, at that time the US stock market was peaking during the internet bubble, while gold was hitting a historical bottom, leading to a significant outperformance by gold in the subsequent moves.
Choosing different starting points can lead to a complete 180-degree reversal in the narrative.
However, if we set our time anchor to 2000, at that time the US stock market was peaking during the internet bubble, while gold was hitting a historical bottom, leading to a significant outperformance by gold in the subsequent moves.
Choosing different starting points can lead to a complete 180-degree reversal in the narrative.