Gold’s incredible climb shows no signs of slowing down
6 Mins Read
Good morning! I am far too old to know what the “cool kids” are wearing these days, but swag tied to AI companies certainly seems to be having a moment. (Don’t send me hate mail if this is actually cringe.)
Gold bars of various sizes lie in a safe on a table at the precious metal dealer Pro AurumSven Hoppe/picture alliance via Getty Images
Another day. Another record-setting gold price.
The precious metal has continued its incredible climb after cracking the $4,000 barrier earlier this week. On Wednesday, gold set another record, peaking at $4,049.
It’s been that kind of month quarteryear for gold, writes BI’s Samuel O’Brient. The asset is up a shocking 53% in 2025.
Remember, this is gold we’re talking about. Not bitcoin or some high-flying meme stock. It’s supposed to be the sleepy store-of-value asset that you buy and pray you never have to actually use. Now it’s outperforming — checks notes — Nvidia??
Several factors are at play here. As we covered before, uncertainty always makes gold an appealing investment, and there’s certainly plenty of that these days. Inflation’s stickiness also has investors looking to gold.
Central banks buying up gold as an alternative to parking their cash in other currencies (I’m looking at you, US dollar) is also impacting things. Some, like billionaire hedge fund manager Ken Griffin, say the shift is a bad sign for the US, signalling gold has completely overtaken the dollar as a safe harbor asset.
Dominick Reuter/Business Insider
But can gold stay … golden?
BI’s Jennifer Sor compiled notes from strategists across four firms analyzing if gold’s rally has legs. Most see it continuing into 2026, albeit at a much more modest pace.
Bank of America also made the case for this being the end of the golden era. Gold’s extended rally is entering rarified air (prices have risen steadily for seven consecutive weeks only 18 times since 1970) and the $4,000 mark is 20% above its 200-day simple moving average, meaning a correction could be on the docket.
Still, I know what you’re thinking: I want in on the action.
If that’s the case, a trip to Costco might be in order. BI’s Dominick Reuter has a step-by-step guide on how to buy gold and other precious metals from the warehouse club. (Yet another benefit BI’s Steve Russolillo is missing out on.)
But before you go all Scrooge McDuck, make sure you’re in it for the long haul. Gold isn’t always super easy to quickly sell (unless you’re willing to offer some discounts). So you might need to invest in a safe, or start digging a hole in the backyard.
Just don’t let the neighbors see.
New York City Mayoral candidates Andrew Cuomo and Zohran Mamdani.Al Drago/Getty Images and Spencer Platt/Getty Images
1. This crypto coin is crushing the market (and it’s not bitcoin). Binance Coin is up 129% in the last year, soaring past the gains made by bitcoin and ethereum. That’s likely thanks to wider crypto adoption and crypto treasury plays pushing it higher. But some crypto enthusiasts online are skeptical of BNB’s surge.
2.Gold’s rally has turned heads this year, but silver and platinum are leading a broader rush into hard assets. Spot silver is up around 69% year to date after touching its record high of $49.57 on Wednesday. The rally isn’t just about inflation hedging or interest rate expectations — it reflects something deeper, the head of commodity strategy at Saxo Bank wrote.
3. Enough of this stock market bubble talk. There are a lot of discussions about a bubble in AI stocks, but what if the historical playbook we’re using is broken? Even equity strategists at Morgan Stanley and Goldman Sachs published new research outlining why there’s no AI bubble. BI’s Joe Ciolli breaks it all down.
Justin Sullivan/Getty Images
1. Google told employees: If you want health benefits, sign up with a third-party AI tool. The company announced that employees who want health benefits must give access to a third-party tool, according to internal documents reviewed by BI. Google updated its policy after publication of this story. “Our intent was not reflected in the language on our HR site,” a Google spokesperson told BI.
2. Virginia is for data centers. Permits were filed for 54 new centers in the state in the first nine months of 2025, according to BI’s tally. Most of them came from one tech giant. The permits show how developers are building bigger and more power-hungry data centers, some of which consume as much power as a small city.
3. How Hollywood creatives are actually using AI — and what they’re worried about. A new study surveyed 174 Hollywood professionals to offer a rare snapshot of how their industry actually uses AI. About 8% said they used AI in every step of their creative process, from organizing their workflow to writing scripts.
Getty Images; Tyler Le/BI
1. The used car pricing apocalypse is back. The COVID-19 pandemic saw a scramble for used vehicles. Now, thanks to tariffs, supply-chain slowdowns, and automakers cutting back on new vehicle options, used-car prices are creeping up. So if you’re shopping for a used car, you might want to hurry up.
2. Why America’s disconnected youth are growing. There’s a rising share of young Americans who are not in school, not working, and not looking for work. Workforce experts point to a mix of economic, cultural, and psychological forces, and one potential solution involves destigmatizing blue-collar work.
3. Zohran Mamdani agrees with Elon Musk on one key goal. Despite their major differences, Mamdani recently touted Musk’s focus on efficiency and waste at Crain’s New York Business Mayoral Forum. He said it’s not just a right-wing concern, and that it should be “at the heart of any politics for working class people.”
Fed Chair Powell and Treasury Secretary Bessent speak at Community Bank conference.
Federal judge hears arguments in attempt to block National Guard deployment to Chicago.
