Weekly Market Pulse: Maybe We Need Our Golden Fetters

2026-01-26 04:43:00 ET

This is, in my opinion, the most interesting chart in all of finance. This shows the return from gold versus the total return of the S&P 500 since 1/1/2000. As you can see, gold’s return has exceeded that of stocks by almost 3 to 1; it isn’t even close. If you had bought gold at the turn of the century, at no point over the next 25 years would you have been better off having bought the S&P 500 instead. There were periods of outperformance by stocks, so you could have done better if you were able to trade those inflection points, but for buy and hold investors, the 21st century has, so far, been the Golden Century. Is gold trying to tell us something, or is it just the latest object of speculation in a society increasingly addicted to gambling?...

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