S&P 500 gains sharply in dollar terms but falls against gold since 3Q 2002, Luke Gromen notes

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18.04.2026

S&P 500 gains sharply in dollar terms but falls against gold since 3Q 2002, Luke Gromen notes — S&P 500 rises, gold outpaces

Luke Gromen highlights a significant divergence in asset performance since the bottom of the S&P 500 in the third quarter of 2002. According to Gromen, while the S&P 500 total return has climbed 1,156 percent, the total return when priced in gold is down 17.5 percent over the same period.

This comparison underscores contrasting narratives on equity and gold returns over a multi-year timeframe.

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Gromen has previously examined other asset trends, including how the 10-year U.S. Treasury yield and oil performed after Secretary Bessent's remarks in February 2025. He also commented on the period when gold dropped below $4,500 for its largest weekly decline since 1983. These analyses focus on historical performance comparisons of major financial indicators.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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