Looking back at 2025, gold delivered one of the most striking performances across global markets. Prices repeatedly pushed to new highs, breaking historical records more than 50 times, with peak gains reaching as much as 67%. In historical terms, this marked the strongest annual performance since 1979. In relative terms, gold significantly outperformed major equity benchmarks such as the S&P 500 and the Nasdaq. {chart} What stood out even more was the breakdown of traditional correlations. Under conventional trading logic, gold typically moves inversely to interest rates or risk assets. Yet over the past year, gold ... (full story)