GoldNuggets — Gold Return Rankings
Asset Class Performance Rankings 2024
Heading into year-end, Gold $Gold - main 2502(GCmain)$ and the $.SPX(.SPX)$ are neck and neck for top spot.
There’s still 11 trading days left (as of the time of writing), and anything could happen, but certainly for now 2024 has so far been a very good year for gold and a relatively lackluster year for most other assets. (source)
China — Gold vs US Treasury Holdings
This chart from OMFIF’s 2025-26 Perspectives pack shows China’s steady move to rebalance out of treasuries and into gold.
The same trend has been echoed across BRICS+ with a steady rise in gold reserves vs steady decline in US treasury holdings. The key drivers of this have been geopolitics (e.g. sanctions risk), reaction to previous macro shocks (inflation denting treasury returns), concerns around US fiscal sustainability, and discussions around BRIC economies potentially forming their own gold-backed currency to counter US dollar dominance.
Gold vs Treasuries Relative Performance
But another key facet to the gold vs treasuries allocation debate has simply been good market timing and investment strategy. Gold formed a multi-year bottom vs treasuries in the late-2010’s, and for much of the 2020’s has been consistently outperforming vs treasuries.
p.s. Technical analysts might also note the 30-year ascending triangle pattern in this chart!
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