Gold has outshined the S&P 500 over the past 20 years (noting that stocks have tended to outperform over longer horizons tied to economic growth). Interestingly, over this 20-year period, while the S&P 500 gained in dollar terms, it has gone nowhere when priced in gold. Surprisingly, not many investors I speak to (in the US) are even aware of this or have any interest in the sector.