Gold Dominates 2025 While Crypto Struggles

Gold and silver outperformed bitcoin in 2025 as global stocks beat the U.S.

For investors around the world, 2025 proved to be anything but predictable.

President Donald Trump’s return to the White House rattled global markets, with his aggressive tariff agenda quickly becoming one of the defining market themes of the year. At the same time, the artificial-intelligence boom pushed ahead, with gains spreading far beyond the familiar “Magnificent Seven.”

Yet despite the spotlight on crypto and next-generation technology, some of the strongest returns came from assets that have served as stores of value for centuries.

“This was supposed to be a year dominated by crypto and a continuation of the AI-driven bull market,” said Steve Sosnick, chief strategist at Interactive Brokers. “Instead, two of the biggest winners were gold — and especially silver — both of which crushed a weak year for crypto and even outpaced double-digit gains in major equity indexes.”

Precious metals stole the show

The metals market surged in 2025, with sharp swings in silver forcing the Chicago Mercantile Exchange to raise margin requirements twice in one week.

Gold, after setting new records, finished the year up 64.4%, while silver skyrocketed 141.4% — their largest annual percentage gains since 1979. Copper also delivered a standout performance, climbing 41.2% for its strongest yearly advance since 2009, according to Dow Jones Market Data.

With China’s silver export controls set to begin Jan. 1 and industrial demand for silver and copper expected to remain strong amid the data-center boom, supply constraints are likely to remain a key theme heading into 2026.

U.S. stocks staged a historic rebound

Trump’s “liberation day” tariffs, announced after the close on April 2, sent the S&P 500 sliding toward bear-market territory as investors feared the tariffs could choke off global growth.

Markets reversed course after Trump announced a 90-day pause to allow time for negotiations. By June 27, the S&P 500 reached a new closing high — its first since Feb. 19 — completing the fastest recovery on record following a drop of 15% or more. The index needed just 89 days to reclaim its peak, surpassing the previous record set in 1998.

From its April 8 closing low — when it was down 18.9% from its February high — the rally was powerful. By year-end, the Dow Jones Industrial Average was up 27.7% from its low, the Nasdaq Composite had surged 52.2%, and the S&P 500 had climbed 37.4%, marking their strongest recoveries from a yearly low since 2020.

Bitcoin failed to live up to expectations

2025 was widely expected to be bitcoin’s breakout year. Trump campaigned as a crypto ally, pushed pro-crypto policies after taking office, and oversaw broader institutional adoption of digital assets.

Instead, bitcoin disappointed. After trading above $100,000 early in the year, it plunged during April’s tariff-driven market selloff, falling below $75,000 at its low. Although it later rebounded and hit a record high of $126,184 in early October, those gains quickly faded.

Heavy selling by large holders pushed bitcoin into a bear market late in the year. It ended 2025 near $88,000 — roughly 30% below its peak and about 6% lower than where it began the year.

The dollar had a rough year

Trump’s tariffs and “America First” agenda weighed heavily on the U.S. dollar. The ICE U.S. Dollar Index fell 9.4% in 2025, its worst annual performance since 2017 and one of its weakest years on record.

While some analysts argue the dollar could stabilize after the U.S. economy avoided recession, Robin Brooks of the Brookings Institution warned risks remain.

“One of the great puzzles of 2025 is that markets largely ignored President Trump’s pressure on the Fed,” Brooks wrote. “As we move closer to 2026, that issue may come back into focus — making me more cautious on the dollar despite growing bullish sentiment.”

International stocks outpaced U.S. markets

Equities outside the U.S. delivered an exceptional year. Although American markets posted solid gains — with the S&P 500 notching its third straight year of double-digit returns — international stocks outperformed by their widest margin since 2009.

The MSCI All Country World ex-USA Index gained 29.3% in 2025, compared with a 16.4% increase for the S&P 500, an outperformance of nearly 13 percentage points. The index is also on track for its best annual performance since 2009.

Standout performers included technology shares in Hong Kong, Japan and South Korea, along with European defense contractors and banks.

In the end, 2025 delivered a clear takeaway for investors: while crypto and AI dominated headlines, precious metals and international markets ultimately delivered the strongest results.