This sort of performance looks even better now that America's stockmarkets seem to have cooled.
David Ranson of Wainwright Economics has looked at the relationship between gold and stockmarkets since 1824.
Still sure that American and European stockmarkets (see article) should be at record highs?
Why should the housing wealth effect be larger everywhere than it is for stockmarkets?
If stockmarkets continue to rally, says Mr Smith, the fashion for hedge funds will wane.
But the bear market of 2000-02 showed how dangerous it was to rely on stockmarkets alone.
If so, the Mumbai stockmarkets, India's largest, do not expect it, at any rate.
Foreign funds, meanwhile, might be tempted by the healthy gains made by Indian stockmarkets last year.
More radical reform might follow, especially if the stockmarkets continue to produce disappointing returns.
Since the start of the year, Gulf stockmarkets have shed one-quarter of their value.
Nobody could have missed the stomach-churning plunges in Asia's currencies and stockmarkets last year.
Though America's stockmarkets are quiet compared with the go-go 1990s, its housing market looks decidedly frothy.
Stockmarkets have also fallen sharply in both countries, and in Malaysia and the Philippines.
Can the increased influence of stockmarkets on currency movements be incorporated into a forecasting model?
More worrying, perhaps, is what would happen to Asian stockmarkets if Wall Street were to crash.
Retail investors will see any further investment in stockmarkets as sending good money after bad.
But Malaysia's neighbours are also recovering, and their stockmarkets have risen just as sharply.
But such portfolio investments are also handy and have driven Asian stockmarkets to record levels.
When investors flocked to Asia earlier this decade, stockmarkets surged and current-account deficits ballooned.
Two consecutive years of declining stockmarkets have already increased the pressure on companies' own pension funds.
So long as the world's stockmarkets continue to soar, investors may choose to ignore such problems.
The third source of contagion from America to the rest of the world is through stockmarkets.
Over that same period, investors in the supposedly stodgy, mature stockmarkets have seen share prices soar.
Last August, when world stockmarkets turned down, should therefore have been the money-managers' moment of glory.
The deficit has proved stubbornly difficult to shift, despite the recent recovery in stockmarkets.
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Sadly, the banks misallocate the savings on an even grander scale than the stockmarkets.
But these patterns in stockmarkets, say the authors, explain more than just price movements.
The final step will be to link the three countries' stockmarkets in a similar fashion.
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Falling stockmarkets mean that, without doing much, a lot of savers are less exposed to equities.
Mergers and private equity are booming, as are stockmarkets (the Dow hit another high last week).
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