Silver Rises Over 120% YTD 
Gold continues its impressive rally in 2025, rising over 25% and heading for a third straight year of double-digit gains—a performance streak unseen since the mid-2000s. The precious metal has broken from traditional patterns, ignoring typical drivers like real yields and dollar strength.
Instead, geopolitical tensions, trade protectionism, and central bank buying—particularly from China and other emerging economies seeking to diversify from the dollar—have fueled demand.
While gold lacks intrinsic valuation metrics and faces potential headwinds from higher interest rates and cryptocurrency competition, Rothschild & Co maintains a strategic overweight position. They view gold as a crucial portfolio diversifier and “financial panic button” during market stress. Despite recent price stagnation after months of gains, the firm sees gold’s role as preserving wealth rather than quick riches, especially given ongoing global uncertainties and the prospect of continued disruption under the Trump administration.
