Why put money in 10 year notes that earn 2.2% when and my money lose value VS buying lets say SPY that warns a yield of 2.1% At least with inflation assets appreciate and cash loses value.
the only problem SPY down since the start of the year by 4% and bonds up 15%. So if you follow you logic you lost at least 20% in 6 months
because when gold was expensive in the late 70s early 80s they did real bad compared to someone who was buying the S&P 500 basket it seems. why do I want to repeat history?
The other economic factors are not the same. I would look at the surrounding factors that support the S&P and question whether they can be sustained. Gold demand is high not from solely American demand but global demand. It will have growth from elsewhere.