Gold's Been On A Tear - If You're Going To Play In This Sandbox, Here's What You Need To Know
2026-01-12 06:51:00 ET
Gold has had a remarkable run in 2025, and that performance has spawned a fresh wave of articles proclaiming that gold has outperformed stocks over 20- and 30-year periods. The headlines are eye-catching, and the underlying data isn’t fabricated. But here’s the nuance that often gets buried: most of that outperformance is price-based. On a total return basis—factoring in dividends reinvested for equities—gold still comes out ahead in some of these comparisons, but the margin shrinks considerably. Gold doesn’t pay dividends or buy back shares; over long horizons, that compounding gap matters.
Source: YCharts
Source: YCharts
Will the rally continue? No one knows. Gold could keep climbing, or it could give back a chunk of these gains. That’s not a prediction we’re in the business of making....
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Gold's Been On A Tear - If You're Going To Play In This Sandbox, Here's What You Need To Know
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