Catalyst for Gold Locked and Loaded?

Gold Outshines the S&P 500 in 2018

We believe that gold bullion and gold mining equities may be poised for a multi-year uptrend. Gold bullion beat U.S. equities for the month of December, the fourth quarter, and the full calendar year of 2018. Spot gold¹ declined 1.58% versus the 4.39% drop in the S&P 500 Total Return Index² in 2018 (Figure 1). Gold also outperformed most currencies last year, with the exception of the Swiss franc and the Japanese yen.

The bulk of gold’s 2018 out-performance came in the fourth quarter, on the back of the steep fall of the S&P 500 after it hit a high in late September, as shown in Figure 2. Gold rallied 7.54% in the fourth quarter, while the S&P 500 lost 13.52%. The rise in gold mining equities was also impressive in Q4, with Sprott Gold Miners ETF (SGDM)³ gaining 12.63%.

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