Gold better priced than equities for Fed tapering? It is interesting to note that the gold price is now back down to around where it was just before the second round of US quantitative easing (QE II) was announced in November of 2010. The S&P 500, on the other hand is currently trading nearly 40% above its November 2010 level. On this basis it would appear that the gold market has far more efficiently priced in a tapering of Fed stimulus than equity markets have. Recent outperformance of gold relative to equities indicates that markets may now be coming around this view as well.