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Gold is up around 40% this year. Someone must warn you this was going to happen. That's not speculation. That's reality.
Gold's current status as a risk asset challenges its traditional role as a safe haven. Its rise is driven by momentum and speculation, not intrinsic value or central bank actions.
Asset prices rise not because of increased productivity but due to more money being printed, leading to speculative behavior.
The rise in gold, Bitcoin, and AI points to a trend of speculative bets in 2025. Gold, traditionally seen as a safe haven, is now considered a risk asset due to its speculative nature.
Since the final vestiges of the gold standard were abandoned in 1971, the supply of money has ballooned. This has led to more money chasing the same amount of goods, contributing to the rise in prices over the years.