Gold continued riding strong momentum this week, extending its 2025 run to more than 50 new all-time highs and gaining over 60% year-to-date. The rally was supported by persistent global uncertainty, a relatively weak U.S. dollar, and elevated demand from both investors and central banks seeking safe-haven assets and portfolio diversification. Meanwhile, silver and other precious metals also saw notable strength as traders piled into the broader “debasement trade.”

“If you catch 100 red fire ants as well as 100 large black ants, and put them in a jar, at first, nothing will happen. However, if you violently shake the jar and dump them back on the ground the ants will fight until they eventually kill each other. The thing is, the red ants think the black ants are the enemy and vice versa, when in reality, the real enemy is the person who shook the jar.