Historic Sell Gifts? $5,000 Gold, $100,000 Bitcoin Markets always have great narratives near peaks, and gold and the stock market in 2026 could mirror Bitcoin's 2025 pump-then-dump apex. If US equities are so great, why is the S&P 500 total return roughly flat vs. gold since 1997? That's my takeaway from the graphic. Equally striking is the Bloomberg US Long Treasury Total Return Index at its lowest vs. gold since 1987. At about the same level relative to the store of value as three decades ago, stocks appear historically subdued vs. gold. Or is the metal too hot? My bias leans to the latter, following gold's best year ever in 2025 despite a non-inflationary environment. Historic disparities that could face revision include the highest US stock-market capitalization vs. public debt in about two decades and highest gold price vs. T-bonds in roughly four decades. On the Bloomberg here: https://blinks.bloomberg.com/news/stories/tku159kgzajg {BI COMD} #gold #Bitcoin #bonds #stockmarket @BBGIntelligence(Mike McGlone)