how else to value S&P500
Here is the S&P 500 denominated in gold (i.e., the S&P 500 to Gold Ratio), which shows how many ounces of gold are equivalent to the S&P 500 index level at month-end closes (or closest available data). This is calculated as S&P 500 index ÷ gold price per ounce (USD).Current/latest (as of late January 2026, around January 25–28): Approximately 1.32–1.37 ounces of gold (sources like Longtermtrends report 1.32 on Jan 25 with S&P ~6,979 and gold ~$5,282; slight variations exist due to exact daily closes).
The ratio has trended downward over the last 6 months, reflecting gold's strong outperformance (gold surged significantly while the S&P 500 showed more modest/net flat changes in relative terms).
At end of July 2925, this index is 1.90 when S&P500 stood around 6,339 and gold at $3,339 per ounce. It is a drop of over 30% since.
This is a flight from fiat where USD is the leading player. Wars and rumors of wars would be typical distractions. Let us not rule out black swans of famines, earthquakes, pestilences and other disasters (man made or natural).
Holding assets in USD may get painful when the USD reserved currency is no longer trusted and used.
Let us consider some hedging according in other currencies, assets and markets.
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