AGE Gold Commentary

AGE Gold Commentary is our regular report analyzing trends in precious metals and rare coins. We monitor domestic and international markets and extrapolate from our 30 years in metals to place current events into a hard asset perspective. View archives.

11/10/2025: Why 2025 triggered a record run on gold

Greetings!

Tariff-driven trade disruptions have created global economic uncertainty, triggering unprecedented demand for physical gold and silver in 2025. This year has seen three powerful waves of precious metal movement—first sparked by tariff uncertainty, then by punitive tariffs—driving central banks, investors, and individuals worldwide toward the financial safety that only gold and silver provide.

This special edition of AGE Gold Commentary for November 2025 examines how this year’s tariff turmoil fueled record global gold buying—first in New York, then in China, and most recently in India, a development largely overlooked by many analysts. Surging global demand has ignited the strongest bull markets in precious metals the world has seen since the late 1970s.

Yet despite record-breaking prices, one critical element present in the last three major gold and silver bull runs remains absent in 2025. Should this missing factor emerge, today’s already volatile market could see gold and silver climb to even more explosive heights.

Please join me as we discuss these important matters and more.

You can also view this video on the AGE YouTube channel, which includes a transcript.

Sincerely,

Dana Samuelson
President