How's gold stacking up against the S&P 500 heading into 2025? With macro uncertainty reshaping investment strategies, the traditional safe-haven narrative is getting a reality check. As equity markets surge on AI hype and corporate earnings, precious metals are caught in a fascinating tug-of-war between inflation hedging and rising real yields. For portfolio builders juggling risk and returns, this year's gold-versus-stocks showdown is less about picking winners and more about understanding where your dry powder should flow in an uneven recovery.