Gold has been unstoppable since November 2022, when it hit its lowest level in the post-pandemic era. Since then, the yellow metal has more than doubled in price to over $3,600 per ounce. This kind of move is not random. It’s the result of powerful forces reshaping the global economy. That’s why experts around the world now see gold as the single most important asset for protecting and growing wealth.
This surge has not gone unnoticed. UBS, RBC Capital Markets, Goldman Sachs, JP Morgan, and VanEck have all published bullish research on gold. And as Jeffrey Gundlach, CEO of DoubleLine, told Bloomberg: “I think of gold as a real asset class. It’s no longer for lunatic survivalists and wild speculators.”1
Gold Is Outperforming Every Other Asset
The numbers don’t lie. Gold has gained 28% this year alone, outpacing every major stock index, bond index, G-10 currency, and even bitcoin.
Over the long haul, the story is just as strong. As of August 2025, gold ranks as the top-performing major asset class over the trailing 20 years, with annualized returns of 10.7%. It also leads over most shorter periods.
This year, bullion has surged by more than a third, hitting record highs. The takeaway is clear: gold isn’t just about protection anymore. It’s a top-performing growth asset.2
Why Gold Is Rising
Gold’s rise is being powered by two forces: record central bank buying and expectations of U.S. interest rate cuts. Add to that political pressure on the Federal Reserve and markets are bracing for looser policy. Something that has always been bullish for gold.
The Fed is signaling cuts even though inflation remains above its 2% target. Weak employment data is speeding up the shift. In August, the U.S. economy created only 22,000 jobs, far below expectations. The drop is giving the Fed cover to pivot from fighting inflation to supporting the labor market.
Central Banks Are Driving Demand
One of the strongest forces behind gold’s rally is central bank buying. For decades, central banks leaned on the U.S. dollar as their reserve asset. But with U.S. debt ballooning, confidence is slipping. Now central banks around the world are diversifying away from the dollar and aggressively buying gold.3
This is not just a central bank story. Individual investors are seeing the same risks: too much government debt, rising global tensions, and doubts about central bank independence. Paper currencies can be debased overnight. Gold cannot.
Wall Street Sees $5,000 Gold
The biggest names on Wall Street see much more upside. Goldman Sachs recently projected $4,000 an ounce by mid-2026 as a base case. In a tail-risk scenario, gold could reach $4,500. And if just 1% of privately-owned U.S. Treasuries moved into gold, the price could soar to nearly $5,000.4
Their reasoning is simple: if the Fed’s independence is compromised, it could mean higher inflation, lower stock and bond prices, and a weaker dollar. In contrast, gold is a store of value that doesn’t rely on institutional trust.
Even the European Central Bank has warned that the Fed losing its independence would pose a “serious danger” to the world economy. That danger, ironically, underscores why gold remains so attractive: its independence from government policy.
Analysts See More Upside Ahead
Despite the recent rally, analysts expect more gains. Ole Hansen of Saxo Bank sees gold moving to $3,800 an ounce. Robert Minter of Aberdeen stands by his year-end target of $3,700, even if prices look overbought to some right now. Both emphasize that any dip should be seen as a buying opportunity, with momentum and fundamentals pointing higher.5
Wells Fargo has gone a step further, forecasting that precious and industrial metals will outperform securities in the coming years. In their view, bondholders are being “thrown under the bus” by Fed policy. Leaving gold as the only true diversifier left.6
Conclusion
The evidence is overwhelming. Gold is not just outperforming every other major asset today; it’s been the best performer over the last two decades. And the forces driving this rally, central bank demand, slowing growth, sticky inflation, political interference, and dollar weakness, are not going away.
For Americans, the message is clear. As other assets in retirement portfolios slow or dip, owning physical gold, especially in a Gold IRA, can protect and even increase the value of your holdings. Call American Hartford Gold today at 800-462-0071 to learn more.
________________
Max Baecker is the President of American Hartford Gold (AHG), the nation’s largest retailer of precious metals. He leads American Hartford Gold’s mission to help clients achieve long-term financial security with physical gold and silver.
Under his guidance, American Hartford Gold has delivered billions of dollars’ worth of precious metals to thousands of satisfied clients.
Max's dedication to upholding American Hartford Gold's industry-leading standards is reflected in its accolades. American Hartford Gold has made numerous high-ranking appearances on the prestigious Inc. 5000 List of America’s Fastest-Growing Private Companies. AHG holds an A+ Rating from the BBB and a 5-Star Rating on Trustpilot from thousands of American Hartford Gold reviews. American Hartford Gold is the only precious metals company trusted and recommended by Bill O’Reilly.
AHG offers investment-grade gold and silver coins and bars at competitive prices. Clients also benefit from its buy-back commitment with no back-end fees. To learn more, visit American Hartford Gold.
Notes:
1. https://www.morningstar.com/alternative-investments/warning-signs-gold-rush
2. https://www.morningstar.com/news/marketwatch/2025081947/gold-has-crushed-stocks-bonds-and-even-bitcoin-in-2025-this-banking-giant-just-got-more-bullish
3. https://www.kitco.com/news/article/2025-09-05/are-gold-prices-overbought-or-breakout-just-getting-started
4. https://www.bloomberg.com/news/articles/2025-09-07/gold-steadies-near-record-high-after-bets-on-fed-rate-cuts-surge
5. https://www.kitco.com/news/article/2025-09-05/are-gold-prices-overbought-or-breakout-just-getting-started
6. https://www.kitco.com/news/article/2025-09-04/gold-and-silver-will-outperform-even-strong-equities-low-rate-market-wells