In 2025, gold has emerged as the standout asset, delivering returns of more than 50%, marking one of its strongest performances in over a decade. The precious metal became the clear winner of what mainstream commentators dubbed the “debasement trade,” a viral term that captured growing investor anxiety over global debt levels, excessive borrowing, and the weakening U.S. dollar, which suffered its worst year in many. By October, gold’s rally reached record highs, coinciding with a blow-off top at almost $4, ...