{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Der übersehene Crash:","nodeType":"text"},{"data":{},"marks":[],"value":" Seit dem Jahr 2000 verlor der S&P 500 rund 75 Prozent seines Wertes. Dieser Zusammenbruch zeigt sich nicht, wenn wir die Kursentwicklung wie üblich in US-Dollar oder Euro messen, sondern nur in einer nicht-inflationierbaren Währung: Gold.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Der Beleg:","nodeType":"text"},{"data":{},"marks":[],"value":" Der S&P 500 stand im August 2000 bei umgerechnet 5,53 Unzen Gold (Indexstand geteilt durch Goldpreis je Unze). Derzeit liegt das Verhältnis bei 1,36. Der langjährige Durchschnitt seit 1980 liegt bei 1,74.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Anders ausgedrückt: ","nodeType":"text"},{"data":{},"marks":[],"value":"Wir blicken fast immer auf die nominale Entwicklung des S&P 500. Doch sie versteckt den Wertverlust des Papiergeldes. Nominale Rekordhochs und gleichzeitiger Crash schließen sich nicht aus.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"id":"53j8QlzlTQBLBKyd0Thl5o","type":"Entry","createdAt":"2026-01-27T17:04:28.949Z","updatedAt":"2026-01-27T17:05:12.393Z","publishedVersion":3,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"infoGraphic"}},"locale":"de"},"fields":{"title":"Aktien vs. Gold","description":"Verhältnis des S&P 500 gegenüber dem Goldpreis","media":{"sys":{"type":"Link","linkType":"Entry","id":"2jqFgaH37BZvTrL2L91XaC"},"fields":{"id":"SW1hZ2VXaXRoTWV0YS0yanFGZ2FIMzdCWnZUckwyTDkxWGFDX19fMzIzMjE3ZjY0M2MzZTNmMWZlNzUzMmU3MmFjMDFiYjA3NDhjOTdiZQ","url":"//image-service.thepioneer.de/show/mj324dykhxwi/6Js315sBaBvHHjUSjrvBV0/906d67887999f2d06117a94755f4ae30/Aktien_vs_Gold_no_header.png","preview":"","width":1472,"height":1800,"assetId":"6Js315sBaBvHHjUSjrvBV0","link":null,"title":"Aktien vs. Gold","fileSize":1171165,"contentType":"image/png"}},"slug":"aktien-vs-gold-6lcxhv","download":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"3GzZWT9BH6SpsvN5ys56Xr","type":"Asset","createdAt":"2026-01-27T17:04:23.154Z","updatedAt":"2026-01-27T17:04:23.154Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"locale":"de"},"fields":{"title":"Aktien vs. Gold","file":{"url":"//images.ctfassets.net/mj324dykhxwi/3GzZWT9BH6SpsvN5ys56Xr/92084df85a3728b1c6109dcca1f28efc/Aktien_vs_Gold_with_header.png","details":{"size":1216197,"image":{"width":1600,"height":2132}},"fileName":"Aktien_vs_Gold_with_header.png","contentType":"image/png"}}},"tags":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"394AwGOlwOpOYcjIqb8xl2","type":"Entry","createdAt":"2020-03-17T19:48:37.869Z","updatedAt":"2020-03-17T19:48:37.869Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"Aktien"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"60FDHG3M3peJLlqe1Fm8Ou","type":"Entry","createdAt":"2020-03-17T15:21:06.870Z","updatedAt":"2020-03-17T15:21:06.870Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"Gold"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"4GSmw2k5CsAg6EfPHpcFfi","type":"Entry","createdAt":"2020-03-17T15:20:56.595Z","updatedAt":"2020-03-17T15:20:56.595Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"Goldpreis"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"4ymNHXUk7Mx98HbTFDDTcT","type":"Entry","createdAt":"2020-03-16T17:30:33.833Z","updatedAt":"2020-03-16T17:30:33.833Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"S&P 500"}}],"publishingDate":"2026-01-27T17:04:27.853Z","id":"SW5mb0dyYXBoaWMtNTNqOFFsemxUUUJMQkt5ZDBUaGw1bw"}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Die wahren Gründe des Goldbooms:","nodeType":"text"},{"data":{},"marks":[],"value":" ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

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