Yes, this is an example of different asset classes performing differently over different periods. The S&P 500 performed extremely well in the 1990s, and while the S&P 500 has performed very well since, it has not kept up the same level of returns as were seen in the 1990s, nor did it usually perform as well before the 1990s. I similarly didn't say that gold and silver always outperformed the S&P 500, nor that the performance of gold and silver vs the S&P 500 over the last 25 years is predictive of future periods. All that I referenced was that over the mentioned stretch of the last 25 years, gold and silver have been a sound investment. The story is obviously a little different since the start of post-GFC quantitative easing.