Between 2019 and June 2024 the U.S. share market has outperformed global precious metal prices, as measured by the S&P 500 and S&P GSCI precious metals indices respectively. While the difference between the two index values was around 980 points in January 2019, by June 2024 this had ballooned to roughly 2,400 index points. However, it is notable that the S&P GSCI precious metals index did not suffer the same sharp decline in March 2020 due to the global coronavirus (COVID-19) pandemic, suggesting that the precious metals market may be more stable the equities during periods of economic turmoil. The S&P 500 tracks the stock price of 500 of the publicly listed largest U.S. companies, while the S&P GSCI precious metals index tracks the price of precious metals futures contracts worldwide.
Monthly development of the S&P GSCI precious metals index, compared to the S&P 500 index from January 2019 to June 2024
Values for both indices are measured in U.S. dollars, and based on (spot) price returns.
Supplementary notes
According to the source: 'The S&P GSCI is weighted by world production and comprises the physical commodities that have active, liquid futures markets. There is no limit on the number of commodities that may be included in the S&P GSCI; any commodity whose contract satisfies the eligibility criteria and the other conditions specified in this methodology are included."
Monthly figures are as of the end of that particular month.
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S&P Global. (July 25, 2024). Monthly development of the S&P GSCI precious metals index, compared to the S&P 500 index from January 2019 to June 2024 [Graph]. In Statista. Retrieved November 25, 2024, from https://www.statista.com/statistics/1237810/comparison-sp-gsci-precious-metals-sp-500-indices/
S&P Global. "Monthly development of the S&P GSCI precious metals index, compared to the S&P 500 index from January 2019 to June 2024." Chart. July 25, 2024. Statista. Accessed November 25, 2024. https://www.statista.com/statistics/1237810/comparison-sp-gsci-precious-metals-sp-500-indices/
S&P Global. (2024). Monthly development of the S&P GSCI precious metals index, compared to the S&P 500 index from January 2019 to June 2024. Statista. Statista Inc.. Accessed: November 25, 2024. https://www.statista.com/statistics/1237810/comparison-sp-gsci-precious-metals-sp-500-indices/
S&P Global. "Monthly Development of The S&p Gsci Precious Metals Index, Compared to The S&p 500 Index from January 2019 to June 2024." Statista, Statista Inc., 25 Jul 2024, https://www.statista.com/statistics/1237810/comparison-sp-gsci-precious-metals-sp-500-indices/
S&P Global, Monthly development of the S&P GSCI precious metals index, compared to the S&P 500 index from January 2019 to June 2024 Statista, https://www.statista.com/statistics/1237810/comparison-sp-gsci-precious-metals-sp-500-indices/ (last visited November 25, 2024)
Monthly development of the S&P GSCI precious metals index, compared to the S&P 500 index from January 2019 to June 2024 [Graph], S&P Global, July 25, 2024. [Online]. Available: https://www.statista.com/statistics/1237810/comparison-sp-gsci-precious-metals-sp-500-indices/
