July 30, 2024 — The US stock market is on a tear. Since the start of this year, January 2024, the Dow Jones , S&P 500, and NASDAQ have each repeatedly set new all-time records. Indeed, the trend in stocks has been strongly upward for the last two or three years. For instance, the S & P 500 is about 40 % above where it was in January 2021, when Joe Biden became President [43 % higher].
The price of gold has also shown a strong upward trend, reaching $2,470 an ounce on July 17, the highest in history. Why are these assets so elevated?