Are we done with the gold run? By one historical measure, gold is at extreme levels. When you compare gold’s market cap to M2 money supply, it’s only been higher once in the last 125 years. This was during the Great Depression in the 1930s when gold prices were stable but M2 collapsed by 30%. But now, this metric has surpassed its 1980 peak. When this ratio peaks and rolls over, equities tend to shine. After past peaks (1934, 1980), stocks delivered strong multi-decade returns. There was special outperformance by small caps so the Russell is looking set to have a big 2026. The rotation from gold to equities might be coming soon.