This chart says the big money game still favors stocks over gold, but the gap is not screaming bubble-level dominance across every year. Only 2011 and 2012 sit in gold’s camp.
Everything after that leans toward stocks, with many years clustered only modestly above the line, not wildly stretched into mania territory.
That matters. In macro terms, commodities often begin their real run when financial assets start losing leadership and hard assets regain pricing power.
So yes, you can argue the commodity move is still early, or at least not fully mature yet. Gold has improved, but broad commodity leadership still looks incomplete.
