This might not mean much on its own, but the gold-to-Nasdaq ratio is interesting.
At its peak around 2011, gold was worth ~80% of the Nasdaq index level. By 2022-2023, that fell to ~11%. As of mid-January 2026, it’s around ~19.6%, still near 10 years lows.
By that mesure, gold remains historically cheap relative to Nasdaq stocks. Do you view this ratio as a useful signal for allocation, or just misleading comparaison over time?
Source: chart by Jeff Clark / Blossom social
Source: National-Theory1218
2 Comments
You torture any data set, it will tell you what you want to hear not necessarily the truth.
Gee i wonder what made nasdaq so low in 2011