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Fortune
Fortune
Jim Edwards

Why gold went through the roof this year—and why its price may be permanently higher

Photo of gold bars. (Credit: Christopher Furlong—Getty Images)

The S&P 500 closed up 0.46% yesterday to hit a new record of 6,909.79. The index is now up 17.48% for the year. With only the quiet Christmas week left before the end of 2025, it’s likely that investors will mark this down in their spreadsheets as a very good year.

Unless, of course, they have a friend who bought gold at the beginning of 2025.

The price of gold is up an astonishing 71% year to date, and is currently hovering around $4,514 per troy ounce. That friend is now laughing at you, foolish stock investor, for wasting your money on trivialities like the Magnificent Seven.

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