Gold is in another multi-year wave of outperformance versus bonds, the strongest since the 2000s bull run.

The gold-to-bond ratio has broken out into a prolonged secular uptrend, marking the yellow metal's most pronounced multi-year wave of relative outperformance against fixed income since the 2000s bull market cycle. The widening performance spread highlights an ongoing regime shift in macro asset allocation, as traditional sovereign debt struggles under higher-for-longer yields, sticky inflation risk premiums, and persistent fiscal deficit supply.
Historically, multi-year rotations favoring gold over fixed-income paper instruments occur during periods characterized by structural fiat debasement, heightened geopolitical fragmentation, and aggressive central bank reserve diversification away from dollar-denominated Treasuries.
Technicians and macro strategists note that the sustained breakdown in long-duration bond returns relative to bullion underscores the erosion of standard 60/40 portfolio assumptions, with non-yielding, zero-counterparty assets increasingly replacing sovereign paper as the preferred macro hedge against sovereign debt overhangs.