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News › Markets  ·  28 Aug 2026, 12:36 PM IST  ·  4 days ago

Has the S&P 500 really doubled since 2023? Chris Wood says it is down 21% in gold terms

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In one line — Jefferies’ Christopher Wood highlights a sharp divergence in market returns: while the S&P 500 has doubled in dollar terms since early 2023, it has fallen 21% relative to gold. He warns that efforts to suppress US bond y

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Source: Economic Times · AI-summarised by Anadi · Updated 28 Aug 2026, 1:15 PM IST

What Happened

Jefferies’ Christopher Wood highlights a sharp divergence in market returns: while the S&P 500 has doubled in dollar terms since early 2023, it has fallen 21% relative to gold. He warns that efforts to suppress US bond yields could weaken the dollar, boosting alternative assets such as gold and Bitcoin.