Gold vs Stocks: Relative Outperformance Still Has Room to Run

TopdownCharts
2025-12-26

Precious Metal Procession

Gold Outperformance Procession

  • I first featured this chart back in February, suggesting room for catch-up by the black line (gold vs stocks relative performance). And gold sure did outperform vs stocks this year (gold up +66% vs stocks up +17%) — but perhaps the bigger open question is will the black line catch-up even further? (and what will that mean for how the world looks if that happens…) $Gold - main 2602(GCmain)$

Investor Allocations to Gold ETFs

  • Meanwhile, despite the stellar run in gold, investor allocations to gold are still lukewarm — retail has largely slept on the gold bull market.

The Great Dollar Devaluation

  • There’s a clear trend here.

Labor Devaluation?

  • Do we call this labor devaluation? The hours of work required to buy 1 oz of gold has skyrocketed — maybe we should have asked to be paid in gold!

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