Gold is set to have its best year in over 40 years, outperforming the S&P 500 and global bonds. The IAU ETF is nearing record highs. In 2025, gold saw a 60% rally, reaching over 50 all-time highs, driven by geopolitical risk, a weaker dollar, lower rates, momentum, investor flows, and economic expansion. Central bank purchases also played a significant role. The question now is whether the gold trade is overcrowded or just getting started. The World Gold Council suggests that the future of gold prices will depend on macroeconomic shifts over the next twelve months. For more details, visit Benzinga.com.