Is gold's rally still early?

Gold prices relative to cash are now at their highest level since at least the 1960s, officially surpassing the 1980 peak.

At the same time, gold prices relative to US government bond prices are at their highest since the late 1980s.

Gold prices relative to the S&P 500 are at the highest since the 2020 pandemic.

This comes as gold prices have surged +119% over the last 2 years, crossing $4,500/oz for the first time.

Over the same period, cash has returned +9.7%, bonds -4.0%, and the S&P 500 is up +45%.

However, gold prices remain -50% and -17% below the 1980 peak relative to stocks and bonds, respectively.

Gold's rally could still be early.