Comparing S&P 500 and Bitcoin Valuations Through Gold Since COVID

Looking at how major assets have performed when priced in gold reveals an interesting perspective on market cycles. The S&P 500 and Bitcoin, when denominated in gold rather than fiat currency, tell a compelling story about where we stand in the broader economic landscape.

The key insight here: what we're seeing right now represents accumulation zones, not distribution peaks. These aren't local tops forming—they're structural bottoms taking shape in the context of commodity-adjusted valuations.

This cross-asset framework—equities versus crypto versus commodities—highlights how different asset classes sync with macroeconomic rhythms. When you strip away nominal currency movements and look through the lens of gold-based pricing, the current positioning suggests aggressive buyers are still in early innings rather than late-stage exhaustion.

For traders monitoring macro cycles and asset rotation, this gold-denominated view offers a different angle on risk/reward dynamics heading into the next phase of the market.