Gold reached another historic milestone on 8 October 2025 as it broke through US$4,000/oz. And while it finished the week below the record high, it’s en route to mark its strongest performance in a calendar year since 1979 (Chart 1). The comparison to gold’s move in the late 70’s has generated a lot of buzz as investors assess whether this most recent leg up is signalling a continuation of the trend or the start of a reversal. Indeed, gold has been gaining ground fast. But it’s important to put things into perspective. As we noted when gold surpassed US$3,000/oz, round-number milestones carry more psychological and ... (full story)