
Gold and silver both enjoyed record-setting rallies in 2025, surging 66% and 135% respectively. Three forces drove this: geopolitical turbulence, a structural shift in central bank strategy, and eroding confidence in the dollar as a reserve anchor.

Gold and silver both enjoyed record-setting rallies in 2025, surging 66% and 135% respectively. Three forces drove this: geopolitical turbulence, a structural shift in central bank strategy, and eroding confidence in the dollar as a reserve anchor.