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Gold’s Run-Up Has Doubled the S&P 500 in the Past Year!

Gold’s Run-Up Has Doubled the S&P 500 in the Past Year!

Gold soars on uncertainty and a dollar retreat

David Rosenberg's avatar
David Rosenberg
Feb 05, 2025
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Early Morning with Dave
Early Morning with Dave
Gold’s Run-Up Has Doubled the S&P 500 in the Past Year!
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Highlights

• Gold soars on uncertainty and a dollar retreat…

• … and remains one of our most successful calls, beating the S&P 500

• We advise de-risking in an increasingly news-driven market

• Uncertainty and spending cuts point to Fed easing

Key Takeaways

Market Slump: Caution Needed

• It has been a sloppy and choppy session in global equities. The market has become increasingly news driven. Big cap Tech has lost its upside momentum. Work on your watchlists, avoid excessive concentration in the portfolio, de-risk, and move towards a more cautious investment approach. Stop extrapolating 2023 and 2024 into 2025.

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