A Bear Market That Breaks ATH Daily

It sounds logically wrong, but it is the most accurate depiction of the US stock market for 2025. The US stock market has shown great returns, but it has been lagging compared to all major markets except the crypto market, and is far behind gold and silver.

The reason for that is the ever-increasing national debt and the tariff war, which have caused the US dollar to depreciate significantly. Because the US dollar has depreciated, stock prices go up, just like housing prices. But comparing this to gold, we can see just how much the US dollar has dropped in value.

Also, in 2025, it is common to hear from retail traders that the year is not an easy one. There are not many stocks that can keep up with the index funds, and the chances of earning money are fewer in 2025 than in 2023 and 2024.

And if you are not from the US, for example, a European investor, you might feel like you only made a few percentage points return because of the decreased USD exchange rate.

We can compare the 2025 stock market with the housing market over the past 15 years to give you a better understanding. In the past 15 years, American salaries increased a lot, but the housing market increased much more. Therefore, the American real salary actually just stayed stagnant with not much improvement.

It is the same with the US stock market: it keeps breaking nominal all-time highs (ATHs), but in reality, it is not the best investment anymore. Chinese stocks are doing much better, and compared to gold, the US stock market is certainly in a bear market.

And that's what happens when there is too much money in the market. Everything goes up, but it feels like a bear market because, in reality, the US stock market is simply lagging behind every major asset.

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