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    « David Winters: Go Long and Go Global | Main | Some Things Bear Repeating: Jim Grant on the Fed »

    June 25, 2011

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    Have you noticed that over the past 6 months, the S&P has outperformed gold, as measured by the stock price of CEF, viz.:

    http://finance.yahoo.com/q/bc?t=6m&s=CEF&l=on&z=l&q=l&c=&c=^GSPC

    In a few days CEF will probably get the advantage again (and in fact, if you click that link after June 30, it may look like I got it wrong), and it still has the advantage over 1 year and 2 years, but it's probably been a while since stocks outperformed gold over 6 months, and I think it's worth noting.

    @Alex: I'd agree it's worth noting. The only thing is that CEF has a lot of silver bullion, and silver has been volatile. GTU might be a better comparison for gold vs. the S&P because it holds only gold bullion (and a bit of cash). And I also agree that 6 months isn't a long enough period.

    OK, well comparing GTU over 1 year to the S&P, S&P comes out on top. Over 2 years, GTU wins, but not by much, and quite a bit less if you count dividends, which you should.

    Seems like someone should be mentioning this, I'll bet most investors think that gold has been a much better investment than stocks over the last year.

    The S&P, without dividends, has beaten GTU over the past year. If this is the peak for gold, we'll look back and say the signs were there. It should be getting at least a little press, I think.

    @Alex: I agree people should use the S&P 500 total return (including dividends) in measuring results. Off the top of my head, I can't recall anyone in the financial media talking about gold vs. the S&P over the past year, so you have a point. It does seem to me that CNBC has an anti-gold bias at times, but I have to qualify that by saying that over the past year or so I don't watch much except for Kudlow.

    I don't think gold has reached a peak, but I don't know. I'm certainly not a "sell all your stocks and buy gold" guy.

    The comments to this entry are closed.

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