In 1997, gold was USD400, now is USD1,600
It takes 11y (1997-2008) for gold to double from 1997 to 2008 (about 6.5% rate) but after QE1/QE2/stimulus from central bankers, it only takes 4y for gold to double from 800 to 1,600 (18% growth), annual yield for 15y about 10% per annum
Is Singapore performing as well or close to gold?? Forget about SGD/USD exchange rate since about the same.
Take HDB, resale price index was 130 in 1997, now about 200, but rental yield is 5.5% per annum, factor in both you get slightly above 8% per annum
OCR PPI is roughly the same, except for slightly lower yield
If not because of all the CMs, property return would have matched that of GOLD ??
No consideration for leverage though