The biggest winners of the 1970s were "small-cap stocks and gold." Is this a coincidence?

Bank of America’s Hartnett believes that small-cap stocks and emerging markets will become the new beneficiaries of the bull market in the second half of the 2020s, similar to the situation in the 1970s. Although gold remains an attractive safe-haven tool in a long-term bull market, it should not be sold off. Current conditions may include a ceasefire between the U.S. and China and central banks reassessing their gold reserves. The average price increase during the four gold bull markets in the past 60 years is about 300%