With gold rallying to a fresh all time high today, let’s again put the performance this year in the S&P 500 in gold (real money, non fiat) terms ahead of tomorrow’s FOMC statement where we’ll hear whether they hint at any change in the level of their extraordinary accommodation. In gold, the S&P 500 is down 6% year-to-date as the S&P 500 only buys .96 ounces of gold, down from 1.02 on Dec 31st 2008. Since Feb ’98 when the S&P’s first crossed the 1038 level, the S&P 500 is down 72% in gold terms.
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