What if Gold still hasn’t begun to outperform equities in any meaningful way?
I know it sounds counterintuitive, especially after precious metals led the tape and outpaced nearly everything last year.
But the behavior hasn’t changed. Every pullback continues to be bought. Risk appetite is building, not fading.
And when you step back, Gold is pressing right up against the top of a decade-long base relative to stocks.
This level has capped advances in prior cycles. That’s nothing new.
What would be new is a decisive breakout.
If Gold clears this zone versus equities, it would strongly suggest a trend reversal is underway—and potentially the start of a sustained period of leadership.
If and only if that happens, the message couldn’t be clearer: Rocks over stocks for longer!
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