GOLD OUTPACING S&P 500 SIGNALS TROUBLE FOR STOCKS: STIFEL The S&P 500 is lagging gold as the metal hits record highs above $5,300, while the index stalls near 7,000. Over the past year, gold surged 90% versus a 15% gain for stocks—a divergence seen only four times in the past century, often followed by years of stock stagnation. Rising gold reflects a flight from the dollar amid Fed rate expectations and U.S. policy uncertainty, suggesting potential consolidation for equities.(*Walter Bloomberg)