Gold is back at record highs, over €4,200 per ounce. Since July of last year, it has experienced a meteoric rise. Those who invested back then have almost doubled their initial investment. Just three months earlier, a wholesaler in the jewelry sector recommended I invest in gold. I didn't because I never speculate or invest in things that don't offer clear returns.

Investors are seeking a safe haven amid the global uncertainty unleashed by Donald Trump's policies: gold has surpassed $5,000 an ounce for the first time in history. This morning it rose 1.8% to $5,089. This historic milestone comes after Trump threatened Canada with 100% tariffs if the US's northern neighbor "makes a deal with China," following the US president's clash with Europe over the future of Greenland and amid growing domestic tensions in the United States over police violence.

2025 has been a turbulent year for both the global and local economies. The fluctuation of the gold price is one of the most reliable indicators, and while it doesn't explain everything, it allows us to understand, in broad strokes, what has happened this year. To begin with, gold has appreciated by 72% in just one year, rising from $2,590 per ounce in January to approximately $4,500 in December 2025. This is a historic record for the price of gold, unprecedented since records began in 1970. This stratospheric performance reflects one clear fact: it has been a year of great economic and geopolitical uncertainty. Gold is considered a safe haven asset, so in times of instability, investors seek refuge in this active insurance. Let's break it down: what has happened this year?