Over the weekend of June 14 and 15, from New York’s Washington Square Park to Los Angeles’s Pershing Square, patriots brandished “No Thrones” placards to protest executive overreach during President Trump’s 250th anniversary military parade. As crowds chanted “No Kings in Politics,” financial markets quietly crowned a very different monarch. By mid-June, spot gold had climbed roughly 28% year-to-date, leaving stocks, bonds and even the U.S. dollar in its wake.
No Thrones in Politics – but Gold Reigns in Portfolios
Gold began 2025 trading near $2,700 per ounce and rallied steadily through a mix of trade-war headlines, Federal Reserve commentary and regional conflicts. In early April it pierced $3,500 per ounce and by mid-June it held near $3,420—about a 28 percent gain so far. Silver has also outpaced most paper assets, up roughly 22 percent year to date. By contrast, the S&P 500 has delivered only low single-digit returns and interest-bearing paper has offered negligible yield. That performance gap highlights bullion’s unique appeal. When risk spikes, paper investments often falter while gold shines.
Why Gold Reigns Unchallenged
Gold’s role as a store of value reaches back thousands of years. Ancient empires hoarded it to back their currencies and finance wars. Medieval kingdoms minted gold coins to fund crusades and build cathedrals. In modern times central banks once tied paper money directly to gold. Unlike fiat currencies that can be printed or devalued, physical gold cannot be diluted. Its limited supply and universal acceptance mean it transcends politics and policy, making it the go-to asset whenever uncertainty rises.
Past Wars Crowned Gold Too
Gold’s strength in conflict is proven by history. Consider these examples:
- Gulf War of 1990–91: When Iraq invaded Kuwait in July 1990, gold climbed about 17% over two months as investors feared a broader Middle East war.
- Iraq Invasion of 2003: In the weeks before U.S. forces crossed the border, bullion hit a four-year high on wealth-haven buying.
- Russia-Ukraine War 2022: Russia’s full-scale invasion in February sent gold up more than 6% in the first quarter—its best quarterly gain since early 2020.
- Renewed Ukraine Tensions 2024: In November, when hostilities flared again, gold jumped 1.8% in a single session on wealth-haven demand.
This pattern holds a clear lesson for investors today. Whenever geopolitical risks spike—whether from tariff battles or regional wars—gold earns its crown time and again.
Central Banks Enshrine Gold in Strategic Reserves
Institutional demand has reinforced bullion’s throne. Central banks are on track to purchase 1,000 tonnes of gold in 2025—a fourth straight year of hefty buying driven by de-dollarization and sanctions concerns . In 2024, official institutions added over 1,000 tonnes, pushing global reserves near post-Bretton Woods highs. Nations from India and China to Poland and Turkey cite gold’s crisis-insurance value and unencumbered liquidity as key reasons for their purchases.
Retail Crowns Bullion via ETF Inflows
Everyday investors are following suit. In Q1 2025, physically backed gold ETFs recorded inflows of 226.5 tonnes—$21.1 billion in fresh capital—the largest quarterly haul since early 2022 . U.S.-listed funds led the way while Europe-listed ETFs and Chinese gold funds also saw surging demand in April. From family offices to individual savers, more people are shifting capital away from volatile equities and low-yield bonds into gold’s stable store of value.
Geopolitical Angst Fuels Gold’s Rally
The latest Israel-Iran exchanges illustrate gold’s wealth-haven appeal. On June 13, oil prices jumped over 7% after air strikes, yet the U.S. dollar barely moved while gold advanced 1.5% on the same news . This divergence shows investors increasingly turn to bullion rather than paper currencies in times of crisis. Tariff skirmishes, war-risk headlines and uncertainty around Fed policy all feed gold’s rally and reinforce its role as crisis insurance.
Retirement Accounts Feel the Heat
By contrast, many retirement portfolios have taken a hit in 2025. Fidelity’s Q1 2025 analysis found the average 401(k) balance fell 3% as stocks slid and bond yields stagnated amid market swings. Those losses sting for savers nearing retirement, especially with everyday costs on the rise. Gold’s strong performance this year highlights its value in preserving purchasing power when paper assets falter.
What Every Saver Should Know
Americans may demand “No Kings” in politics, but in markets gold rules supreme. Allocating a portion of your savings to physical gold can:
- Smooth out volatility. Gold often rises when stocks and bonds fall.
- Shield purchasing power. Unlike cash, gold cannot be devalued by inflation or negative real rates.
- Offer true diversification. Gold’s low correlation with traditional assets reduces overall portfolio risk.
In a world defined by trade-war headlines, regional flare-ups and questions over monetary policy, gold’s centuries-long legacy shines through. Reject political crowns if you choose, but make sure your portfolio bows to the one asset that never abdicates.
America May Reject Kings in Politics but Crowns Gold in War
As protesters chanted 'No Kings' during Trump's military parade, gold quietly climbed 28% for the year. History shows bullion wins its crown whenever war and uncertainty spike.
Over the weekend of June 14 and 15, from New York’s Washington Square Park to Los Angeles’s Pershing Square, patriots brandished “No Thrones” placards to protest executive overreach during President Trump’s 250th anniversary military parade. As crowds chanted “No Kings in Politics,” financial markets quietly crowned a very different monarch. By mid-June, spot gold had climbed roughly 28% year-to-date, leaving stocks, bonds and even the U.S. dollar in its wake.
No Thrones in Politics – but Gold Reigns in Portfolios
Gold began 2025 trading near $2,700 per ounce and rallied steadily through a mix of trade-war headlines, Federal Reserve commentary and regional conflicts. In early April it pierced $3,500 per ounce and by mid-June it held near $3,420—about a 28 percent gain so far. Silver has also outpaced most paper assets, up roughly 22 percent year to date. By contrast, the S&P 500 has delivered only low single-digit returns and interest-bearing paper has offered negligible yield. That performance gap highlights bullion’s unique appeal. When risk spikes, paper investments often falter while gold shines.
Why Gold Reigns Unchallenged
Gold’s role as a store of value reaches back thousands of years. Ancient empires hoarded it to back their currencies and finance wars. Medieval kingdoms minted gold coins to fund crusades and build cathedrals. In modern times central banks once tied paper money directly to gold. Unlike fiat currencies that can be printed or devalued, physical gold cannot be diluted. Its limited supply and universal acceptance mean it transcends politics and policy, making it the go-to asset whenever uncertainty rises.
Past Wars Crowned Gold Too
Gold’s strength in conflict is proven by history. Consider these examples:
This pattern holds a clear lesson for investors today. Whenever geopolitical risks spike—whether from tariff battles or regional wars—gold earns its crown time and again.
Central Banks Enshrine Gold in Strategic Reserves
Institutional demand has reinforced bullion’s throne. Central banks are on track to purchase 1,000 tonnes of gold in 2025—a fourth straight year of hefty buying driven by de-dollarization and sanctions concerns . In 2024, official institutions added over 1,000 tonnes, pushing global reserves near post-Bretton Woods highs. Nations from India and China to Poland and Turkey cite gold’s crisis-insurance value and unencumbered liquidity as key reasons for their purchases.
Retail Crowns Bullion via ETF Inflows
Everyday investors are following suit. In Q1 2025, physically backed gold ETFs recorded inflows of 226.5 tonnes—$21.1 billion in fresh capital—the largest quarterly haul since early 2022 . U.S.-listed funds led the way while Europe-listed ETFs and Chinese gold funds also saw surging demand in April. From family offices to individual savers, more people are shifting capital away from volatile equities and low-yield bonds into gold’s stable store of value.
Geopolitical Angst Fuels Gold’s Rally
The latest Israel-Iran exchanges illustrate gold’s wealth-haven appeal. On June 13, oil prices jumped over 7% after air strikes, yet the U.S. dollar barely moved while gold advanced 1.5% on the same news . This divergence shows investors increasingly turn to bullion rather than paper currencies in times of crisis. Tariff skirmishes, war-risk headlines and uncertainty around Fed policy all feed gold’s rally and reinforce its role as crisis insurance.
Retirement Accounts Feel the Heat
By contrast, many retirement portfolios have taken a hit in 2025. Fidelity’s Q1 2025 analysis found the average 401(k) balance fell 3% as stocks slid and bond yields stagnated amid market swings. Those losses sting for savers nearing retirement, especially with everyday costs on the rise. Gold’s strong performance this year highlights its value in preserving purchasing power when paper assets falter.
What Every Saver Should Know
Americans may demand “No Kings” in politics, but in markets gold rules supreme. Allocating a portion of your savings to physical gold can:
In a world defined by trade-war headlines, regional flare-ups and questions over monetary policy, gold’s centuries-long legacy shines through. Reject political crowns if you choose, but make sure your portfolio bows to the one asset that never abdicates.
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