Andrey Litvinov

Gold’s surge in 2025 has challenged the traditional assumption that sharp price gains must be followed by deep corrections. Prices posted their strongest annual jump since the 1979 oil crisis and doubled over the past two years, reaching a record near $4,380 per troy ounce in October after never having traded above $3,000 before March. In previous cycles, such a move would almost automatically have triggered expectations of a collapse. Instead, analysts at JP Morgan, Bank of America, and Metals Focus increasingly argue that gold is entering a structurally higher price regime, with levels around $5,000 per ounce in 2026 now seen as plausible rather than extreme.

Silver’s surge to a new all-time high of around 67 dollars per ounce in December 18 marks one of the most striking commodity stories of 2025. After spending much of the past decade trapped in a narrow range between 15 and 25 dollars, the metal more than doubled in value within a single year. This breakout did not unfold gradually.

Gold’s performance in 2025 has been extraordinary by historical standards. Prices have risen by more than 60% in dollar terms, the strongest annual gain in almost half a century, and in inflation-adjusted terms gold has never been more expensive. History offers a cautionary parallel: after peaking in late 1979, gold lost nearly two-thirds of its value over the following five years. That comparison inevitably raises the question of whether the current rally is another bubble—or whether gold is responding to a fundamentally different global environment.