Gold has reached unprecedented levels in early September 2025, hitting above $3,500 per ounce and rising 37% year-to-date. The surge is attributed to economic risks, central bank actions, and a crisis of trust in U.S. institutions. The SPDR Gold Shares (GLD) ETF is trading at record highs and has seen $11.3 billion in inflows this year. In comparison, the iShares Gold Trust (IAU) has attracted $6.64 billion in inflows. The last time gold saw such a significant increase was in 1978 when it rose by 132% due to inflation and a lack of confidence in the U.S. dollar. This surge in gold prices reflects investors' concerns about long-term economic stability, political volatility, and the credibility of the U.S. dollar. According to Goldman Sachs analyst Samantha Dart, gold is now seen as a hedge against institutional breakdowns and the potential loss of the Federal Reserve's independence.