Gold Hits $3,500 — Why Gold is Up 33% YTD and What’s Next?

Published: 04-23-2025, 01:22 pm | Updated: 05-29-2025, 01:31 pm

Brandon Sauerwein, Editor

Since 2000: Gold +1,088% Returns | SPY +478% Returns

What we’re witnessing isn’t just a bull run — it’s a reawakening in precious metals.

In just the past month, gold shattered the $3,000 milestone and briefly touched $3,500 an ounce early Tuesday morning — a historic surge that has stunned even veteran investors.

But this move isn’t happening in isolation. A perfect storm is unfolding: escalating tariff tensions, ballooning global debt, surging central bank demand (especially from the East), and a growing global shift away from the U.S. dollar are rewriting the rules of gold. Traditional forces — like rising real interest rates — no longer seem to hold gold back.

To put this gold rally in perspective: 

• Gold is up as much as 33% in just the first five months of 2025 — on pace for one of its strongest years ever
• Since 2000, gold has gained 1,088%, compared to 478% for the S&P 500
• After multiple record highs, gold is now pulling back to around $3,300

Could this be the perfect opportunity to buy the dip during a raging bull market? 

Time will tell — but if you think you’ve missed the move, consider this: Mike Maloney recently shared his boldest forecast yet — a potential gold price of $10,000. It’s a level he’s never publicly projected before, and it’s backed by decades of research and a deep understanding of the monetary shifts now underway.

In Mike’s view, we’re not at the end of this bull market — we’re at the beginning of something historic…

In Case You Missed it — Mike Just Shared a Rare Gold Price Forecast

Mike Maloney has spent decades educating investors on economic cycles, sound money, and wealth preservation. And throughout that time, he’s avoided making specific gold price predictions.

Until now.

The explosive move from $3,000 to over $3,400 in just weeks isn’t business as usual — it’s the start of something far bigger. In his latest video, Mike breaks precedent to share his boldest forecast ever — including a clear target and the timeframe he believes it could happen.

A once-in-a-generation financial reset may be underway, and this could be your window to act before a new wave of investors rush in.  

The Global Capital Rotation Is Underway — Are You Ready?

Alan Hibbard sits down with Kevin Wadsworth and Patrick Karim of Northstar Bad Charts to unpack a seismic shift underway in global markets — what they call the Capital Rotation Event: a rare but decisive migration of capital out of overvalued stocks and into hard assets like gold and silver.

If you’re impressed by gold’s run so far, Alan says we haven’t seen anything yet.  

In today’s must-watch interview, you’ll discover: 

• Why gold’s breakout is bigger than just price — it’s happening across multiple key benchmarks (USD, CPI, PPI, S&P)
• How historical patterns signal explosive potential for silver and mining stocks
• Why the S&P 500 may no longer reflect true economic health — and what to watch instead 

This isn’t just another chart review. It’s a warning — and a roadmap. Alan breaks down exactly how to position your portfolio in an era where fiat currencies are faltering, and hard assets are rising to the forefront. 

Secure Bulk Pricing on Every Single Gold & Silver Purchase

What Else is in the News?

🏦 Fed Holds Steady as Trump Renews Criticism of Powell
Despite mounting political pressure — including renewed calls from President Trump for his removal — Federal Reserve Chair Jerome Powell is holding the line. New York Fed President John Williams confirmed there’s no current case for cutting rates, stating in a Fox Business interview that the central bank sees no need to adjust the federal funds rate. Trump, who nominated Powell in 2017 but turned critical shortly after, has escalated calls for rate cuts as the 2025 election approaches. 

📈 Gold Briefly Hits $3,500 Amid Fed Drama
Gold surged to a new record of $3,500 per ounce before retreating slightly, as investors reacted to political uncertainty and renewed fears about Fed independence. Concerns over Trump potentially firing Powell drove a flight from stocks, bonds, and the dollar — pushing demand for gold as a safe-haven asset. Although Trump has since softened his stance, the episode underscores how fragile confidence is in the current monetary environment. Gold is still up over 30% year-to-date.

⚠️ Trump Administration Eases China Tariff Stance
In a sharp reversal, President Trump has signaled that tariffs on Chinese goods could be reduced from the current 145% if negotiations progress. This is a marked pivot from earlier threats of full-scale economic decoupling. Markets interpreted the shift as an effort to stabilize trade relations — but the lasting impact on inflation and investor confidence remains uncertain.

💰Goldman Sachs: $4,500 Gold “Tail Risk” Still on the Table
Goldman Sachs has raised its year-end gold price target to $3,700, citing sustained macro pressures and growing safe-haven demand. In a more extreme scenario, analysts say gold could surge to $4,500 per ounce if the Fed is forced into an unexpected policy pivot — a “tail risk” that looks more plausible in today’s volatile landscape.

🥇 Is Gold Too Crowded? Not Even Close
A recent Bank of America survey showed 49% of fund managers now see gold as the “most crowded trade,” dethroning the Magnificent 7 tech stocks for the first time in two years. But the data tells a different story. 

• Gold ETFs represent just 2% of all ETF assets — well below the 8%+ seen at gold’s 2011 peak
• Gold mining ETFs account for just 0.25% of stock ETF assets, compared to 1.5% at the last peak 

This suggests gold is far from overcrowded. In fact, if institutional allocations even begin to normalize, the rally could still be in its early stages.

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