The S&P 500 has outperformed gold significantly (+123% compared to gold's +140%, but with a more stable and robust rate of increase for most of the time).

Gold is starting to accelerate sharply, while the S&P 500's acceleration has slowed considerably. The ROC(9) in the lower timeframe is also confirming gold's momentum more in the short term.
As a result, money flow is no longer entirely risk-weighted as it was in 2023–2024. It is shifting the system toward fixed assets and stores of value:
- Gold ETF holdings remain at high levels of short-term net outflows.
- Central banks continue to be strong net buyers.
The US M2/Gold ratio is analyzed on a 10-year cycle.
If this trend divergence continues
- Gold is highly likely to outperform equities in the next (6–18 months).
- Gold miners (HUI/GDX/GDXJ) will become the strongest alpha generators thanks to operational leverage + organizational rotation.
- Risk asset delivery systems (especially growth stocks) will face greater difficulties as liquidity shifts towards selectivity and choice.
2023–2024 will be the leading period for AI & risk assets.
2026 will see a gradual shift towards hard money & leadership in inflation hedging.
This is when the market is automatically readjusting its structure from the "cheap money and tech narrative" phase to the "shaky fiat confidence and protection of real value" phase.
#hccventure #news #finance