How does gold stack up against US equities?

Gold under-performs the S&P500 and Nasdaq100 indexes across time horizons, but in the past two year's - and especially in 2024 - it significantly out-performed the median company in both indexes.

• Gold under-performs US equities at longer time horizons, which is not surprising given its position relative to equity in the capital structure.

• Over the past decade, gold has under-performed the S&P500 and Nasdaq100 but it has out-performed the small capitalization Russell 2000 index.

• Over the past two years, the US has enjoyed a significant bull-marke…