At a glance stock market seems to be inflated and irrationally high (red). However, some of this is explained by dollar losing value fast during 2020 (green). Pegging SPY to GOLD (yellow), we can see that pre-pandemic crash levels have not been reached yet.
With the recent pullback in the S&P500 (~-10%), there is the usual "flight to safety" chat. Gold would have protected you against almost 50% of the fall (Gold +4.5%).
This does make the point for having commodities in a portfolio for diversification ....
