Gold at $4,500.. Are we still at the beginning of the party?

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When gold breaks the $4,500 per ounce barrier and you see it achieving a return exceeding 119% in just two years, you might initially think that "the train has left the station."

The numbers indicate that gold has outperformed everyone:

Cash?
A modest return (+9.7%).

Government bonds?
A painful loss (-4.0%).

Even stocks (S&P 500), which everyone loves,
came behind gold (+45%).

But the chart in front of me whispers a completely different truth.. a truth that might change your outlook on the future.
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1. The "Peak" illusion
Despite this rocket rise, gold today compared to stocks and bonds is still "cheap" by historical standards. Compared to the famous 1980 peak:

Gold price versus stocks is still 50% lower.

Gold price versus bonds is 17% lower.

This means that gold has not yet reached the "bubble" or saturation stage that our grandparents experienced 40 years ago.
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2. Cash loses its throne
The chart shows that gold has broken its highest levels against "cash" since the 1960s, surpassing the 1980 peak.

This is not just a price movement;
it’s a death announcement for the concept of "holding cash" as a long-term strategy.
The world is re-pricing fiat money, and gold is the harsh judge in this court.
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3. Bonds in trouble
Gold reaching its highest level against U.S. government bonds since the late 1980s sends a red warning signal.

Markets clearly say:
"We no longer trust government debt as a safe haven.. the real refuge is one that cannot be printed."
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💡 The financial takeaway:
The current rise is frightening for those who only look at the price.
But for those who look at "relative value" (Relative Value), gold still has room to run before reaching the euphoria we saw in the 1980s.

We are not witnessing the end of the "gold cycle".. perhaps we are only in the first half.

And you,
Do you think gold will continue to crush stocks and bonds in the coming years?

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