After an incredible run starting in 2000, gold finally topped out in 2011 at just over $1,920. A sharp four-year correction followed. Gold plunged -45% until the precious metal finally found a floor at $1,045 in 2015. Gold bottomed that year versus US Treasuries. The turnaround since then has been a sight to behold.

Gold bottomed versus US equities in 2021.

The US government printed so much money after Covid that gold didn’t start outperforming the M2 US money stock until 2022. However, once it got into gear, it has been straight up since then.

It is pretty clear on any metric that gold is in a bull market. Now, take a look at the next chart to see what happened the last time the S&P 500 broke down versus gold for a meaningful period. 2001-2003 was not a pleasant time for equity investors.