Comparison of the S&P GSCI precious metals index and the S&P 500 index 2019-2024

Between 2019 and June 2024 the U.S. share market has outperformed global precious metal prices, as measured by the S&P 500 and S&P GSCI precious metals indices respectively. While the difference between the two index values was around 980 points in January 2019, by June 2024 this had ballooned to roughly 2,400 index points. However, it is notable that the S&P GSCI precious metals index did not suffer the same sharp decline in March 2020 due to the global coronavirus (COVID-19) pandemic, suggesting that the precious metals market may be more stable the equities during periods of economic turmoil. The S&P 500 tracks the stock price of 500 of the publicly listed largest U.S. companies, while the S&P GSCI precious metals index tracks the price of precious metals futures contracts worldwide.