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Gold Is Up 41% From a Year Ago. The Fed Can’t Stop It

Gold bars stacked on US Treasury yield schedule and debt documents showing the tension between gold and government debt in 2026

Gold is trading at $4,648/oz — up 41% from a year ago, down 14% from January’s record. Both numbers are true. The one that matters is the 41%. It held through a war, three hawkish Fed holds, and the most fractured FOMC vote since 1992. Here’s why that gap between the record and today’s price is a floor, not a warning.

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