Markets
S&P 500 GoldScale
In dollars, the S&P 500 has soared. But measured in gold—the world's oldest store of value—the story is very different.
S&P 500 today equals
1.32
oz of gold
S&P 500: 6,582.69 · Gold: $4,987/oz
S&P 500 in Gold — 10-Year Monthly History
S&P 500 index priced in gold ounces, monthly data 2015–2026.
The Real Story
In 2000, the S&P 500 was worth 5.5 oz of gold. Today it's worth 1.32 oz. That's a 76% decline in real gold-denominated purchasing power over 25 years.
Despite nominal gains in dollar terms, gold has dramatically outperformed US equities over the long run.
Historical S&P 500 / Gold Ratio
2000
Dot-com peak
5.49 oz
$1,553 / $283/oz
2009
Financial crisis low
0.74 oz
$683 / $928/oz
2011
Gold peak
0.82 oz
$1,258 / $1531/oz
2015
Dollar surge
1.79 oz
$2,079 / $1161/oz
2020
COVID crash
1.49 oz
$2,584 / $1731/oz
2022
Rate hike era
2.10 oz
$3,839 / $1827/oz
2024
Pre-surge
2.31 oz
$4,769 / $2063/oz
Now
Live
1.32 oz
$6,582.69 / $4,987/oz
Why does this matter?
Dollar returns are misleading. The Federal Reserve has expanded the money supply dramatically since 2000, eroding the purchasing power of every dollar you earn. Gold, by contrast, cannot be printed.
When you price assets in gold, you strip away monetary inflation and see real value changes. The S&P 500 has delivered impressive nominal returns—but much of those gains simply reflect a weaker dollar, not genuine wealth creation.
Stop measuring wealth in dollars.
The dollar loses value every year. Gold doesn't.
🪙 Explore Prices in Gold →