Gold is hot this year—and not just in the Oval Office.

In a year in which the S&P 500 has gained 15 percent, gold prices have risen by more than 60 percent—the metal’s best yearly gain since 1979—and silver is up 120 percent. Goldbugs and silverbugs have been outperforming almost every investment manager in America.

What has sent them soaring?

Both metals—particularly gold—have traditionally been considered safe havens for investors worried about the performance of assets like stocks, bonds, and fiat currencies. Their performance is largely uncorrelated with other asset classes, making them attractive insurance policies against broad economic downturns. This year, investors’ concerns have sharpened: The S&P 500’s gains have been concentrated in a handful of AI-linked tech giants, particularly Nvidia, which many investors see as a bubble, fated to pop.

Similarly, gold’s fluid demand—shifting between jewelry and investment, depending on economic circumstances—helps protect its investors from currency debasement and inflation, still stuck above the Federal Reserve’s 2 percent target.

“Gold usually sees a lot of inflows when markets are uncertain,” Fergal O’Connor, a senior lecturer in financial economics at University College Cork in Ireland, told TMD. “[Markets are] uncertain with [Donald] Trump’s tariffs, they’re uncertain with war in the Ukraine, with war in the Middle East, and all of those things set gold off on a renewed trajectory.”

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Upgrade now to start listening.\n\n\nnostr:naddr1qvzqqqr4gupzqjrnckcvvew9ayuy2mr5kq2w3asc4c6mqy96yw5mlcygwxl6uclvqqjxzer98ycrgdpk95unqctr956xgctz95unxdnx95unxvp48q6rsdfjxyekv4m59ak ","created_at",1766000491,"authorNPub","markdown","Gold is hot this year—and not just in the [Oval Office](https://www.cnn.com/2025/03/16/politics/oval-office-gold-decor-trump).\n\nIn a year in which the S&P 500 has gained 15 percent, gold prices have risen by more than 60 percent—the metal’s best yearly gain since 1979—and silver is up 120 percent. Goldbugs and silverbugs have been outperforming almost every investment manager in America.\n\nWhat has sent them soaring?\n\nBoth metals—particularly gold—have traditionally been considered safe havens for investors worried about the performance of assets like stocks, bonds, and fiat currencies. Their performance is largely uncorrelated with other asset classes, making them attractive insurance policies against broad economic downturns. 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Gold is hot this year—and not just in the Oval Office.

What has sent them soaring?

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Economy

What’s Behind Gold’s Rally?