One phenomenon worth noting — over a 30-year long-term view, gold's long-term returns have already outpaced the stock market by a large margin. This is not a fleeting trend in a particular year, nor a rebound during a crisis, but the real result after passing through inflation cycles, tech bubbles, financial crises, and various monetary policy experiments.

This is not about gold becoming more "sexy," but rather about the changing logic of the entire financial system. What has happened in the past 30 years? Global debt has skyrocketed, paper money has been continuously redefined, interest rates were artificially suppressed to very low levels, and later had to be sharply increased. Stock market gains are increasingly not due to companies becoming more profitable, but rather rely on continuous liquidity injections and valuation bubbles. Gold is entirely different — it doesn't need to tell stories, it is only sensitive to one thing: whether the credibility of currency has been diluted.

Deeper still is the redefinition of asset attributes. Once, stocks were growth tools, and gold was purely defensive. Now? Stocks are increasingly like leveraged liquidity commodities, while gold has re-established its position as a cross-cycle asset anchor. When your returns mainly come from central banks printing money rather than genuine productivity growth, the weight of time begins to tilt toward gold.