Why it’s rare for gold and stocks to chase record highs at the same time

Gold and the S&P 500 have both climbed so far this year.

The S&P 500 and gold are both within striking distance of all-time highs — a rare event that leaves investors wondering what exactly is going on.

After all, stocks at all-time highs indicate that investors are optimistic about the future and happy to pile into risky assets. Gold, meanwhile, is often viewed as a safe haven — a port in the storm during periods of uncertainty.