Gold vs. S&P 500: Why The Gold Bull Market May Be Far From Over
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Gold recently reached a long-standing resistance level. But this time, history may not repeat itself. In contrast to the major peaks of 1980 and 2011, US equities are now substantially more overvalued than gold, supporting the view that gold's long-term bull market could still have a long way to go.
Gold has pulled back from its January 2026 peak near $5,600, prompting a growing number of analysts to argue that the precious metal has already formed a major long-term top. This assessment is understandable. The recent high coincided with a significant resistance line on the long-term Gold-to-S&P 500 ratio chart – one that also capped the major peaks in January 1980 and September 2011.