📈 Gold Prices vs. U.S. M2 Money Supply (1970–2024)

Since the mid-2010s, gold prices have generally moved in tandem with the U.S. M2 money supply, indicating a close relationship between monetary expansion and gold's role as a store of value. However, after 2023, gold prices surged sharply even as the M2 money supply began to decrease. This divergence suggests rising demand for gold independent of monetary expansion, potentially driven by inflation concerns, geopolitical risks, increased demand, or speculative activities.