If you think back to most conversations around markets in 2025, they followed a familiar script. Stocks would recover once rates came down. Earnings would improve. Volatility would settle. It was a year of waiting.
But while equity investors were waiting, metals were already moving.
Gold, silver and copper didn’t just outperform stocks in 2025. They did it decisively. And not because of speculation or hype, but because the forces shaping the global economy started favouring physical assets over financial assumptions.
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Once you step back, the story is surprisingly straightforward.
GOLD RALLY EXPLAINED
Gold’s rally this year didn’t feel dramatic. There was no sense of frenzy. What stood out instead was who was buying.
Central banks stepped in aggressively, adding to gold reserves as
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