There is an old rule about value. The moment something becomes worth enough, someone starts working out how to take it without paying for it. That rule has governed gold for thousands of years. The metal does not rust, pays no dividend, and does nothing useful while it sits in a vault. Its only job is to hold its worth when everything else stops holding theirs. Across 2024 and 2025, it did that job almost too well. Gold tore through one record after another, lifted by central banks hoarding bullion, by inflation that refused to behave, and by savers who quietly gave up trusting the alternatives. I have covered enough ... (full story)