To compare the price development of various investment opportunities over a longer period, we have examined the DAX, the gold price, and three gold companies at different stages of development in a single chart. The period spans approximately 16 months and begins in November 2024—roughly when the steeper rise in the gold price, which lasted until recently, began.
Until the beginning of summer, the trends do not differ significantly. The period between the two purple arrows is particularly striking: with the exception of the DAX, the price direction of the other assets (including the final slide in autumn) is highly consistent—though, of course, not to the same extent.
Thereafter, the trends diverge significantly—at times with opposing price directions. What is currently striking is the fact that the three stock prices have converged very closely again (the price gains relative to the starting point range between 230% and 260%).
In conclusion, regarding the values presented here, it can be stated:
+ Gold has clearly outperformed the DAX
+ Individual stocks (from explorers to production giants) have clearly outperformed gold
