Market crises moved from stocks to USD in recent decades, Luke Gromen notes

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25.05.2026

Market crises moved from stocks to USD in recent decades, Luke Gromen notes — Market crises shift from stocks to USD

Luke Gromen analyzes how major financial crises have shifted across different markets over time. He observes that the crash in 2000 impacted equities, the 2008 crisis affected the U.S. Treasury market, and the 2020 downturn impacted the USD.

He adds that during future crises, stocks may rise in USD terms but decline relative to gold, a trend he notes has been evident since late 2021.

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Gromen has previously highlighted that the S&P 500 continues to reach new highs even as consumer sentiment weakens, attributing the gap to currency and inflation factors in a recent analysis. He also observed that the Dow Jones Industrial Average has dropped 45 percent versus gold since March 1972, noting issues such as survivorship bias in earlier commentary. These views align with his ongoing focus on equity performance relative to gold across market cycles.

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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