Your chart is deceptive. Prior to 1971, Gold was fixed at $35 an ounce. It did not appreciate. After Richard Nixon closed the Gold Window in 1971, Gold was free to appreciate and depreciate like any other investment vehicle. Prior to 1971 Gold was money. A 100% return in Dollars for a stock equaled a 100% return in Gold. Dollars and Gold were interchangeable amongst countries. Here is a chart of price level returns only (no dividends) for Gold against the three major stock indexes.
Gold=Light Green Nasdaq=Dark Green S&P 500=Light Blue Dow=Dark Blue
The Nasdaq is by far head and shoulders ahead of all. The Nasdaq has outperformed Gold since 1971 by 1830%. But Gold has outperformed the S&P 500 by 7.2% and the Dow by 75% since 1971. Again, this does not include dividend re-investment but you can clearly see from the chart from 1971 to 1991, Gold offered the best returns. I'd wager with dividends re-invested, the Dow and S&P 500 came close to the same returns by 1991.
Your chart is deceptive.Not my chart. I originally saw it credited to Jeremy Siegel which is why I posted it when some clown called Siegel a buffoon.
Prior to 1971, Gold was fixed at $35 an ounce. It did not appreciate.
So how is a chart showing it didn't appreciate deceptive?