Indian equities marginally outpaced gold between August 2019 and August 2025, according to the latest Bits and Pieces report by research firm CLSA. The standout performer of the period was tech giant Nvidia,
whose shares skyrocketed 4,225%—from just $4 in August 2019 to $173 today.
Gold rose 117% over the six years, buoyed by its safe-haven status and increased demand during global turbulence, particularly after the Russia-Ukraine war erupted in 2022. Indian equities returned 124%, edging past gold, while Chinese equities managed only a modest 6% gain.
Meanwhile, the Magnificent 7 Index—comprising Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla—soared 766%. Cryptocurrencies also surged, bolstered partly by public endorsements from the US president.
| Asset Class | Aug 2019 | Aug 2025 | Chg % |
|---|---|---|---|
| Precious Metals | |||
| Gold – Spot $/oz | 1,547 | 3,356 | 117 |
| Silver – Spot $/oz | 16.5 | 37.0 | 124 |
| Equities (Global) | |||
| MSCI World Index | 528 | 917 | 74 |
| Magnificent 7 Index | 3,274 | 28,365 | 766 |
| Nvidia Share Price ($) | 4 | 173 | 4,225 |
| Equities (Asia) | |||
| China – A Share | 3,841 | 4,084 | 6 |
| India – Nifty | 10,980 | 24,662 | 124 |
| Crypto | |||
| Bitcoin ($) | 11,410 | 114,641 | 1,001 |
| Bonds | |||
| Bloomberg Barclays Global Aggregate Bond Index | 504 | 493 | -2 |
| Economy | |||
| Global GDP ($ Trillion) | 88 | 111 | 26 |
| Global Debt ($ Trillion) | 255 | 324 | 27 |
| US Government Debt ($ Trillion) | 22 | 37 | 68 |
| Global Liquidity ($ Trillion) | 78 | 113 | 45 |
(Source: CLSA Data)
According to CLSA data, between August 2019 and August 2025, Indian equities have delivered 124% returns, outperforming gold’s 117% gain over the same period. Silver also posted strong gains of 124%.
Global equities rose, with the MSCI World Index up 74%, but standout performers were the “Magnificent 7” tech stocks, which surged 766%, and Nvidia, which skyrocketed 4,225%. Bitcoin was the biggest gainer, soaring 1,001%.
In contrast, China’s A-share index rose only 6%, and global bonds saw a 2% decline. On the macro front, global GDP grew 26%, global debt increased 27%, US government debt jumped 68%, and global liquidity expanded 45%.
