Gold has surged sharply, breaking above $5,000 and briefly topping $5,100 as investors rushed into a classic safe-haven asset amid rising geopolitical risk, policy uncertainty, and fiscal credibility concerns. The move follows a 64% gain in 2025 and is being reinforced by durable institutional demand, including ongoing central-bank buying and strong gold ETF inflows, alongside a weaker U.S. dollar.

Institutional investors on Wall Street increased exposure to US spot Bitcoin ETFs during Q4 2025 even as Bitcoin suffered a steep drawdown of nearly 25% from its late-year peak. Bitcoin rallied to a new high above $126,000 in October, then reversed sharply amid a large deleveraging event and ended the year below $90,000, yet professional money managers largely treated the volatility as a chance to add positions rather than exit.