Stats › Long run returns › Gold vs stocks
$100 in gold became $21,025, in US stocks $1,157,599
| Asset | Value of $100 invested in 1928 |
|---|---|
| S&P 500 | $1,157,599 |
| Gold | $21,025 |
| 10 year Treasuries | $7,753 |
| 3 month T bills | $2,578 |
Equities produced roughly 55 times what gold did. Source: NYU Stern, Damodaran.
Gold pays no income, so its return is whatever the next buyer pays. From 1928 to 2025 it compounded at under five percent a year against nearly ten for US shares. For about forty three of those years the price was fixed by government.
$21,025$100 in gold
$1,157,599$100 in US stocks
4.78%Gold, annualised
9.79%US stocks, annualised
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