Finance What’s going on with gold: a brief recap If you’re already a precious metals investor, you’re well aware of gold’s outperformance over the past 24 months or so. But if you’re not, it’s fair to say that gold has been shining pretty brightly lately, posting significant gains that have outstripped those of most other assets over that time frame. As the following chart makes clear, for as much as artificial intelligence stocks have captured the headlines lately, it’s been good old-fashioned gold that has seen truly impressive performance. It may be a little difficult to see on the chart but, despite gold’s meteoric rise since late 2023, it’s been trending sideways since at least the spring. Most market watchers attribute that to a “cooling off” of the belligerent tariff rhetoric and trade actions of the U.S. administration. The first few months of the year were the time of peak uncertainty regarding tariffs and trade wars; after that, there’s been a bit of a calm period with extensions granted and a general dialing back of the “worst-case scenario” tariff rates, somewhat alleviating investors’ worries and anxieties. Since then, other precious metals have started “catching up” to gold’s performance, with silver, platinum and palladium enjoying impressive gains, while gold has largely held steady around its April price. Many analysts see this broadening of precious metals’ strength as a sign that the underlying fundamentals behind the rally continue to be strong. Although this very short-term consolidation is probably irrelevant to long-term investors, it’s a reminder of how susceptible gold and precious metals can be to rapid shifts in political and economic sentiment. As investors’ level of economic anxiety changes, the price of precious metals can change rapidly – definitely something to keep in mind if you’re interested in investing in the space. 1750 2021 2022 2023 2024 2025 2000 2250 2500 2750 3000 3250 3500 YEAR GOLD PRICE (USD) Chart data: Kitco Gold price performance July 2020-July 2025 CSANews | FALL 2025 | 27
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