
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.
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.