#Gold just matched equities in scale.

Tom Lee points out gold’s total market value has climbed to around $40 trillion in early 2026, roughly equal to the S&P 500 excluding the Magnificent Seven. The move follows a massive 2025 rally that pushed prices above $4,300 per ounce amid rising global uncertainty.

His takeaway: gold has been the “monolithic trade” while stocks outside mega cap tech have lagged, raising fresh questions about equities as a long term store of value.

The comparison is also fueling debates around hard assets vs digital ones, with some investors drawing parallels to Bitcoin and Ethereum as modern alternatives in an era of dollar pressure.