Gold vs the S&P 500

How has gold held up against US stocks? Below, the LBMA gold price and the S&P 500 are both indexed to 100 at the start of 1984, so the lines show relative growth of a lump sum. Over this span gold grew about 13.4× and the S&P 500 (price only, excluding dividends) about 40.9×.

Both indexed to 100 at the start of the overlap. Gold = LBMA fix; S&P 500 = price index (excludes dividends). For illustration, not investment advice.

How to read this

Indexing both to 100 makes very different price levels comparable — a value of 400 means a holding has quadrupled. Note the S&P line is price only; including reinvested dividends would lift it further. Gold pays no income, so its line is its total return. The two assets tend to lead at different times, which is why many investors hold both.