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Gold vs. S&P 500 in Bear Markets
Every year the S&P 500 fell 10% or more since 2000 — side by side with gold's return the same year. The divergence is striking.
Bear Market Years: Gold vs. S&P 500
S&P 500 price return (no dividends). Gold spot price % change. Calendar year basis.
Sources: LBMA gold price data • S&P Dow Jones Indices • Macrotrends • Visual Capitalist
Year-by-Year Comparison: 2000–2024
Every calendar year since 2000. Bear market years (S&P 500 down 10%+) are highlighted. S&P 500 price return only.
| Year | Context | Gold Return | S&P 500 Return | Winner |
|---|---|---|---|---|
| ▼ Bear Market — Dot-Com Crash | ||||
| 2000 | Dot-com bubble bursts | +0.4% | −10.1% | Gold |
| 2001 | 9/11 & recession | +2.5% | −13.0% | Gold |
| 2002 | Bear market deepens | +25.6% | −23.4% | Gold |
| 2003 | Recovery begins | +19.6% | +26.4% | S&P 500 |
| 2004 | Bull market | +5.2% | +9.0% | S&P 500 |
| 2005 | Housing boom | +9.0% | +3.0% | Gold |
| 2006 | Strong growth | +23.2% | +13.6% | Gold |
| 2007 | Pre-crisis stress | +31.4% | +3.5% | Gold |
| ▼ Bear Market — Great Financial Crisis | ||||
| 2008 | Lehman collapses | +4.3% | −38.5% | Gold |
| 2009 | Recovery + QE | +24.0% | +23.5% | Push |
| 2010 | QE continues | +29.8% | +12.8% | Gold |
| 2011 | Debt ceiling crisis | +10.2% | 0.0% | Gold |
| 2012 | Euro crisis | +7.1% | +13.4% | S&P 500 |
| 2013 | Taper tantrum | −28.0% | +29.6% | S&P 500 |
| 2014 | Bull market | −1.7% | +11.4% | S&P 500 |
| 2015 | China slowdown fears | −10.5% | −0.7% | S&P 500 |
| 2016 | Brexit / Trump election | +8.6% | +9.5% | Push |
| 2017 | Bull market | +13.1% | +19.4% | S&P 500 |
| 2018 | Rate hike fears | −1.6% | −6.2% | Gold |
| 2019 | Bull market | +18.4% | +28.9% | S&P 500 |
| ▼ Bear Market — COVID-19 Crash | ||||
| 2020 | Pandemic crash & recovery | +25.1% | +16.3% | Gold |
| 2021 | Post-COVID boom | −3.6% | +26.9% | S&P 500 |
| ▼ Bear Market — Inflation / Rate Shock | ||||
| 2022 | 40-yr inflation; rate hikes | −0.3% | −19.4% | Gold |
| 2023 | AI boom; soft landing | +13.1% | +24.2% | S&P 500 |
| 2024 | Rate cuts; gold record highs | +27.2% | +23.3% | Gold |
S&P 500 figures are price return (excluding dividends). Gold figures based on LBMA spot price, USD. Bear market years shaded = S&P 500 down 10% or more on a calendar-year basis.
Gold +26% vs. S&P −23% in 2002
The widest single-year gap in the dot-com crash. A retiree holding gold avoided a quarter-century of compounding damage.
Gold +4% vs. S&P −38.5% in 2008
Gold stayed positive while the S&P 500 suffered its worst year since 1931. Stocks took 5+ years to recover those losses.
Gold's 2000–2010 Cumulative Gain
While stocks flatlined for 10 years through two brutal bear markets, gold compounded into one of the greatest bull runs of any major asset.
Gold's Worst Year: 2013
Gold is not a one-way trade. When inflation fears eased and the Fed signaled tapering, gold dropped sharply — while stocks soared 30%.
Ready to protect your retirement with gold?
The data is clear: when markets crash, gold has shown up every time since 2000. A Gold IRA lets you hold physical gold in a tax-advantaged account — before the next bear market arrives.
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