S&P 500 Priced in Gold Falls to 1.39, Lowest Since 2014

S&P 500 Priced in Gold Falls to 1.39, Lowest Since 2014

The S&P 500 (U.S. large-cap stock index) to gold ratio is down 1.26, or 48%, since 2022, with gold up 180% and the S&P 500 up 45%. Crypto traders track this macro gauge amid the digital gold (Bitcoin as store-of-value) narrative.

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Fact Check
The assessment is based on strong corroborating evidence and the availability of high-quality primary data sources, despite no single source explicitly stating the exact figures. The most crucial evidence comes from two highly authoritative primary sources for market data, S&P Global and Investing.com. The summaries indicate these sources contain the raw historical data for both the S&P 500 index and the price of gold, which would be necessary to calculate the ratio and verify the claim. The Investing.com source is noted as having a chart going back to 2014, making it perfectly suited to validate the historical component of the statement. The existence of these primary data sources makes it very likely the claim is based on a verifiable calculation.Furthermore, two secondary sources on X.com and Threads, while having low authority, are highly relevant and consistent. They claim the S&P 500 to gold ratio fell below 1.5 for the first time in 12 years. This supports the user's statement in two ways: 1) A ratio of 1.39 is indeed "below 1.5". 2) A 12-year low is, by definition, also the lowest level "since 2014" (a shorter, more recent timeframe). This alignment provides strong circumstantial support.None of the other provided sources offer any conflicting or contradictory information. The combination of available, authoritative primary data and consistent secondary reports makes the statement highly probable.
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Summary

The S&P 500 priced in ounces of gold has fallen to 1.39, its lowest level since 2014. According to the figures provided, the ratio has declined by 1.26, or 48%, since 2022 as gold outperformed equities. Over the same period, gold prices reportedly rallied 180%, while the S&P 500 rose 45%. The ratio is a common way to compare the relative performance of equities versus real assets. Crypto market participants often monitor such macro relationships for context around the digital gold (Bitcoin as store-of-value) narrative.

Terms & Concepts
  • Digital gold (Bitcoin as store-of-value): A thesis that positions Bitcoin as a scarce, portable asset akin to gold, used to preserve purchasing power.
  • Macro correlation: How crypto prices move relative to broader assets like stocks, bonds, or gold, often reflecting risk appetite.
  • Risk-on/risk-off: Market regimes where investors favor risky assets (risk-on) or safer assets (risk-off), influencing crypto flows.