Luke Gromen: Dow down 45 percent against gold since March 1972

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09.05.2026

Luke Gromen: Dow down 45 percent against gold since March 1972 — DJIA down 45 percent against gold

Luke Gromen, industry influencer, draws attention to the long-term performance of the Dow Jones Industrial Average (DJIA) against gold as a benchmark of value since March 1972.

He notes that while DJIA benefits from survivorship bias, it is down 45 percent in terms of the prior world reserve currency, gold, which does not have such bias. Gromen also mentions concepts like 'denominator blindness' and the impact of going broke in the reserve currency context.

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Gromen has previously questioned the rationale for countries with large offshore dollar reserves to seek U.S. dollar swap lines. In that context, he raised concerns about the necessity of such financial arrangements for nations like the UAE. These discussions come as he continues to explore issues tied to currency benchmarks and reserve dynamics.

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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