Appendix II: Long-term gold performance

20 January, 2022

 

Chart 22: Gold returns have been on par with equities and above bonds since the end of the gold standard

Gold returns have been on par with equities and above bonds since the end of the gold standard

Compounded annual growth rate (CAGR) and average annual returns for major asset classes*

Gold returns have been on par with equities and above bonds since the end of the gold standard
Compounded annual growth rate (CAGR) and average annual returns for major asset classes*
*Data from 1 January 1971 to 31 December 2021. Return computations in US dollars for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon. **Emerging market returns based on available data beginning in January 1988. On Goldhub.com see: Gold returns. Sources: Bloomberg, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data from 1 January 1971 to 31 December 2021. Return computations in US dollars for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon.
**Emerging market returns based on available data beginning in January 1988.

On Goldhub.com see: Gold returns.

 

Chart 22: Gold returns have been on par with equities and above bonds since the end of the gold standard

Gold returns have been on par with equities and above bonds since the end of the gold standard

Compounded annual growth rate (CAGR) and average annual returns for major asset classes*

Gold returns have been on par with equities and above bonds since the end of the gold standard
Compounded annual growth rate (CAGR) and average annual returns for major asset classes*
*Data from 1 January 1971 to 31 December 2021. Return computations in pound sterling for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM GBP. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon. **Emerging market returns based on available data beginning in January 1988. On Goldhub.com see: Gold returns. Sources: Bloomberg, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data from 1 January 1971 to 31 December 2021. Return computations in pound sterling for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM GBP. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon.
**Emerging market returns based on available data beginning in January 1988.
On Goldhub.com see: Gold returns.

 

Chart 22: Gold returns have been on par with equities and above bonds since the end of the gold standard

Gold returns have been on par with equities and above bonds since the end of the gold standard

Compounded annual growth rate (CAGR) and average annual returns for major asset classes*

Gold returns have been on par with equities and above bonds since the end of the gold standard
Compounded annual growth rate (CAGR) and average annual returns for major asset classes*
*Data from 1 January 1971 to 31 December 2021. Return computations in yen for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM USD. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon. **Emerging market returns based on available data beginning in January 1988. On Goldhub.com see: Gold returns. Sources: Bloomberg, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data from 1 January 1971 to 31 December 2021. Return computations in yen for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM USD. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon.
**Emerging market returns based on available data beginning in January 1988.
On Goldhub.com see: Gold returns.

 

Chart 22: Gold returns have been on par with equities and above bonds since the end of the gold standard

Gold returns have been on par with equities and above bonds since the end of the gold standard

Compounded annual growth rate (CAGR) and average annual returns for major asset classes*

Gold returns have been on par with equities and above bonds since the end of the gold standard
Compounded annual growth rate (CAGR) and average annual returns for major asset classes*
*Data from 1 January 1971 to 31 December 2021. Return computations in US dollars for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon. **Emerging market returns based on available data beginning in January 1988. On Goldhub.com see: Gold returns. Sources: Bloomberg, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data from 1 January 1971 to 31 December 2021. Return computations in US dollars for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon.
**Emerging market returns based on available data beginning in January 1988.
On Goldhub.com see: Gold returns.

 

Chart 22: Gold returns have been on par with equities and above bonds since the end of the gold standard

Gold returns have been on par with equities and above bonds since the end of the gold standard

Compounded annual growth rate (CAGR) and average annual returns for major asset classes*

Gold returns have been on par with equities and above bonds since the end of the gold standard
Compounded annual growth rate (CAGR) and average annual returns for major asset classes*
*Data from 1 January 2005 to 31 December 2021 due to availability of data. Return computations in RMB for ‘cash’: Bloomberg China Treasury + Policy Bank Index; ‘China bonds’: Bloomberg Barclays China Bond Aggregate, ‘Chinese equities’: MSCI China Index, Shanghai Stock Exchange Composite Index; ‘commodities’: CSI Commodity Index; and ‘gold’: Au9999. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon. **Emerging market returns based on available data beginning in January 1988. On Goldhub.com see: Gold returns. Sources: Bloomberg, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data from 1 January 2005 to 31 December 2021 due to availability of data. Return computations in RMB for ‘cash’: Bloomberg China Treasury + Policy Bank Index; ‘China bonds’: Bloomberg Barclays China Bond Aggregate, ‘Chinese equities’: MSCI China Index, Shanghai Stock Exchange Composite Index; ‘commodities’: CSI Commodity Index; and ‘gold’: Au9999. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon.
**Emerging market returns based on available data beginning in January 1988.
On Goldhub.com see: Gold returns.

 

Chart 22: Gold returns have been on par with equities and above bonds since the end of the gold standard

Gold returns have been on par with equities and above bonds since the end of the gold standard

Compounded annual growth rate (CAGR) and average annual returns for major asset classes*

Gold returns have been on par with equities and above bonds since the end of the gold standard
Compounded annual growth rate (CAGR) and average annual returns for major asset classes*
*Data from 1 January 1971 to 31 December 2021. Return computations in Australian dollars for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon. **Emerging market returns based on available data beginning in January 1988. On Goldhub.com see: Gold returns. Sources: Bloomberg, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, ICE Benchmark Administration, World Gold Council; Disclaimer

*Data from 1 January 1971 to 31 December 2021. Return computations in Australian dollars for ‘cash’: ICE 3-month Treasury; ‘US bonds’: Bloomberg Barclays US Bond Aggregate, ‘US equities’: ‘US equities’: MSCI Daily TR Gross USA USD; ‘Global equities’: MSCI World Net Total Return, ‘EM equities’: MSCI Daily TR Gross EM USD; ‘commodities’: Bloomberg Commodity Index; and ‘gold’: LBMA Gold Price PM. CAGR is defined by the price of the asset at the ending period, divided by the beginning price value raised to the (1/n) years minus 1. Average annual returns are calculated as the arithmetic mean of y-o-y returns over the time horizon.
**Emerging market returns based on available data beginning in January 1988.
On Goldhub.com see: Gold returns.

Additional reading

We include below a list of publications by the World Gold Council that discuss relevant aspects of gold for investors:

Market and Investment Updates

Gold Demand Trends

In-depth reports

Gold Investor 

Primers

Important disclaimers and disclosures [+]Important disclaimers and disclosures [-]