Gold 1913-2025 ($20.67-$3500.05 peak on April 22, 2025): 4.689% compound annual growth rate, nominal.
The S&P 500 did better than that in nominal terms. SPX 4/1913-4/2025 (8.79-5369.50, monthly average prices): 5.895% compound annual growth rate, which does not include dividends reinvested; the nominal per annum plus dividends reinvested produced 10.14% total nominal per annum.
In real terms the $20.67 price of gold in April 1913 is only $676.62 in April 2025, or 3.164% CAGR inflation over the period. So in real terms gold is up just 1.478% per annum over the period (from $676.62 to $3500.05).
Again in real terms SPX is up more, 2.65% per annum without dividends reinvested over the period, and even more with dividends reinvested, 6.76% per annum.
Spot gold on July 4th was lower than in April, at $3329.67.
SPX made a new high for the Fourth of July.
