Paul Kedrosky's Infectious Greed with the post Gold is Way Under-owned Compared to Other Times When the World Sucked:
Thought-provoking table from Cembalest at JP Morgan comparing gold’s capitalization as a percentage of bond and equity market capitalization during other periods of market nihilism/strife/awfulness/madness.The table is recreated in chart form below to show the relative holdings (in percent) by market cap ($) between equities, fixed income, and gold globally in 1982 and at the end of 2009.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSfayxAvOSW12QoLSeUqWtO9wUhvl3kK4Wyrk0-_ebmmFlYYFGS9h0Z7Q0Q3HVYkmdeOIY9LWtTNj5QEUHAOfrncxrqxAXMKZPl9o83IgXYV85V0g6YzL1CuftfAJab4huGJ7F8O41BA/s800/investgold.png)
Interesting to note that along with gold being held at a much lower percent in market cap terms, but the level of debt outstanding relative to equities and gold is right about where it was in 1982.
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