The document compares the returns of gold and stocks (S&P 500) over the period since 1972. It finds that the S&P 500 achieved higher annual returns of 10.3% compared to 7.7% for gold, with lower volatility of 15.3% versus 20.1% for gold. Additionally, the outperformance of stocks was driven by dividends reinvestment, as the price return alone for the S&P 500 was only 7.0% annually. Charts are included comparing gold and silver prices and indexes over time.