GOLD OUTPERFORMS S&P - 73 to 96 inclusive, 05
S&P OUTPERFORMS GOLD - 97 to 02 inclusive
ROUGHLY EQUAL RETURNS - 72, 03-04 inclusive
based on the chart posted above ..
Maybe you should have said...
Another way of interpreting that chart is that for a 24 year periods Gold returned more, sometimes a lot more, than the S&P 500.
From 1/1/1973 to 12/31/1996, excluding dividends (which is a huge number compounded over 24 years), the S&P still outperformed gold.
S&P OUTPERFORMS GOLD - 97 to 02 inclusive
Yup.
ROUGHLY EQUAL RETURNS - 72, 03-04 inclusive
1972, gold wins.
2003-2004 gold loses.