Long-term US Treasury futures down 93% versus gold since the euro launched January 1, 1999.
That's a generational shift in real purchasing power. Treasuries were the "safe haven" for decades — but measured against hard assets, they've been systematically debased over 25+ years.
This matters for portfolio construction. If you're holding duration as your anchor, you've been losing ground in real terms for a quarter century. Gold's outperformance isn't just a recent phenomenon — it's structural.
For equity managers: this reinforces why quality companies with pricing power, real earnings growth, and capital efficiency matter more than ever. Nominal returns aren't enough when the benchmark itself is eroding.
That's a generational shift in real purchasing power. Treasuries were the "safe haven" for decades — but measured against hard assets, they've been systematically debased over 25+ years.
This matters for portfolio construction. If you're holding duration as your anchor, you've been losing ground in real terms for a quarter century. Gold's outperformance isn't just a recent phenomenon — it's structural.
For equity managers: this reinforces why quality companies with pricing power, real earnings growth, and capital efficiency matter more than ever. Nominal returns aren't enough when the benchmark itself is eroding.
