History of Market · The Chronicle of the U.S. Stock Market S&P 500
Gathering I · leaf 22 of 27
UBS YEARBOOK 2026 · 1900—2025

UBS YEARBOOK 2026 · 1900—2025 — What gold did while stocks were falling

Gold in drawdowns — How gold behaved across 11 US equity drawdowns, and its real record against inflation.

Across the 11 major US equity drawdowns since 1975, gold rose in 8 of them, and in the other 3 it fell by less than the S&P. Against inflation the record does not hold up: in 13 of the 28 years when inflation ran above 3%, gold lost real value. Its long-run real return is 1.3% a year in dollars, jumping to 4.7% only after the peg broke in 1971 — a figure that belongs to the monetary order rather than to the metal.

View the interactive chart Download raw JSON

What this page answers

This static page is built to answer searches for UBS YEARBOOK 2026 · 1900—2025. It summarizes the live dataset behind the What gold did while stocks were falling panel and links to the full interactive chart.

Across the 11 major US equity drawdowns since 1975, gold rose in 8 of them, and in the other 3 it fell by less than the S&P. Against inflation the record does not hold up: in 13 of the 28 years when inflation ran above 3%, gold lost real value. Its long-run real return is 1.3% a year in dollars, jumping to 4.7% only after the peg broke in 1971 — a figure that belongs to the monetary order rather than to the metal. The data is refreshed by the History of Market pipeline and published as a stable JSON endpoint for research, citation, and AI-agent use.

The plate

UBS YEARBOOK 2026 · 1900—2025 — What gold did while stocks were fallingUSD 1971+4.7%GBP 1971+5.8%CHF 1971+4.3%
Plate I.22 Across the 11 major US equity drawdowns since 1975, gold rose in 8 of them, and in the other 3 it fell by less than the S&P. Against inflation the record does not hold up: in 13 of the 28 years when inflation ran above 3%, gold lost real value. Its long-run real return is 1.3% a year in dollars, jumping to 4.7% only after the peg broke in 1971 — a figure that belongs to the monetary order rather than to the metal. /api/static/ubs-yearbook.json

Data & Source

GET /api/static/ubs-yearbook.json — Canonical dataset endpoint.

Yahoo Finance · Macrotrends · Robert Shiller · FRED · S&P Global · Nasdaq · NBER.

FAQ

Where does this data come from?

History of Market combines public market and macro datasets including Yahoo Finance, Macrotrends, Robert Shiller, FRED, S&P Global, Nasdaq, NBER, and the UBS Global Investment Returns Yearbook (Dimson–Marsh–Staunton). The exact endpoint for this panel is linked below.

How often is it updated?

Daily-tier datasets refresh after the U.S. market close, with a broader weekly refresh on Sunday. The timestamp shown on this page comes from the JSON payload.

Can I use the data?

Yes, for research and education with attribution to History of Market. Upstream data sources retain their own terms.