by Fred Fuld III
This strong gain highlights gold’s resilience in a landscape marked by interest rate shifts, global supply chain disruptions, and ongoing inflationary trends.
When compared to major benchmarks, gold has notably outperformed the S&P 500, which returned about 14.8% over the same period, with the index climbing from 5,815 to 6,674.
This strong gain highlights gold’s resilience in a landscape marked by interest rate shifts, global supply chain disruptions, and ongoing inflationary trends.
When compared to major benchmarks, gold has notably outperformed the S&P 500, which returned about 14.8% over the same period, with the index climbing from 5,815 to 6,674.
However, it has trailed Bitcoin, the leading cryptocurrency, which saw a more explosive return of around 65.2%, rising from $67,041 to $110,781.
While Bitcoin’s volatility contributed to its higher gains, gold’s steadier appreciation—coupled with lower risk—has appealed to conservative investors seeking portfolio diversification.
Here’s a quick comparison of the one-year returns:
| Asset | Starting Price (Oct 15, 2024) | Ending Price (Oct 15, 2025) | Return (%) |
|---|---|---|---|
| Gold | $2,663/oz | $4,198/oz | 57.7 |
| S&P 500 | 5,815 | 6,674 | 14.8 |
| Bitcoin | $67,041 | $110,781 | 65.2 |
Gold’s outperformance relative to the stock market can be attributed to several factors, including heightened demand from central banks, persistent inflation concerns, and safe-haven buying amid international conflicts. Unlike equities, which faced headwinds from tech sector corrections and varying corporate earnings, gold benefited from its intrinsic value as a non-yielding asset in a low-interest environment.
Spotlight on Gold Mining Stocks: Attractive Valuations and Dividends
For investors looking to gain exposure to gold’s upside without directly buying the metal, gold mining stocks offer an alternative with potential leverage to rising prices. Three notable companies—Barrick Mining (B), Harmony Gold Mining (HMY), and Newmont (NEM)—stand out for their operations in the sector. While their PE ratios are around 15-16, they feature Price to Earnings Growth [PEG] ratios generally below 1 in recent analyses, indicating potentially undervalued growth prospects relative to earnings. All three also pay dividends, providing income alongside capital appreciation potential.
Barrick Mining (B): As one of the world’s largest gold producers, Barrick boasts a trailing PE ratio of about 16.0 and a PEG ratio of 0.24. It pays a dividend with a payout ratio of around 29.8%, making it appealing for yield-seeking investors.
Harmony Gold Mining (HMY): Focused on South African and Papua New Guinean operations, Harmony has a PE ratio of approximately 16.2 and a PEG ratio of 0.16. Its forward dividend yield is about 1.1%, supported by a low payout ratio.
Newmont (NEM): The industry giant operates across multiple continents and carries a trailing PE ratio of around 16.1, with a PEG ratio of 0.24 (though some estimates show 2.83 for expected growth). Newmont offers a dividend yield of about 1.1%, with an annual payout of $1.00 per share.
These miners often amplify gold’s price movements due to operational leverage, but they also carry risks like production costs and regulatory hurdles. With gold’s momentum showing no signs of abating, these stocks could provide a compelling entry point for those bullish on the yellow metal.
In summary, while gold hasn’t surpassed Bitcoin’s stellar run, its solid outperformance against the S&P 500 underscores its role as a portfolio stabilizer in uncertain times. Investors eyeing the sector should consider both the metal itself and related mining equities for balanced exposure.
Disclosure: Author didn’t own any of the above at the time the article was written. No investment recommendations are expressed or implied.
