"Gold has climbed over the $4,500 per ounce mark for the first time ever, on the final trading day before Christmas. As investors look for signs of a Santa Rally today, bullion has risen as high as $4,525 per ounce. Gold has risen for 11 of the last 12 days, taking its gains in 2025 to over 70%, its best year since 1979."
"The grey metal is up around 150% since January, driven by the so-called debasement trade the idea that fiat currencies lose purchasing power over time due to heavy debt, persistent deficits, loose monetary policy and financial repression (rates below inflation). Add rising demand for silver and copper to limited supply, and the performance of these metals becomes easier to explain."
Gold climbed above $4,500 per ounce on the final trading day before Christmas, reaching as high as $4,525 and marking 11 gains in 12 days. Year-to-date gains exceed 70%, the strongest since 1979. Silver and platinum also hit record highs, with silver near $72.16 and platinum around $2,333.80. Investors are hedging geopolitical and trade risks and positioning for anticipated US interest-rate cuts in 2026 that could weaken the dollar. Silver’s surge (about 150% since January) reflects the debasement trade and rising demand amid limited supply. Structural factors including heavy government debt, widening deficits, loose monetary policy, low real yields, geopolitical uncertainty and tight supply support a positive medium- to long-term outlook.
Read at www.theguardian.com
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