(Premium) FICC in Focus: Gold and Crypto Up, Dollar and Rates Down

From 1990 to 1999, gold prices dropped by 40%. Over that same period, stock prices quadrupled. If Twitter was around back then, I bet the sentiment back then would look pretty similar to the kind of things we see and hear today: “Only old people and conspiracy theorists hold gold. Why would you hold a non-productive asset when you could own a piece of this high-flying growth stock or this new, disruptive technology?” And given the performance of gold vs. stocks over the last decade, who can blame them? Gold has gone absolutely nowhere since its 2011 peak. The S&P 500 has risen 250%.