Victor Belfort, investment strategist at Rothschild Wealth Management, stated that international gold prices are experiencing an exceptional year. As of now, international gold prices have risen by more than a quarter in 2025, potentially achieving double-digit returns for the third consecutive year - a rare streak of gains not seen since 2005.
Belfort believes that recent movements in international gold prices have been volatile and difficult to predict. However, gold clearly plays an important investment role, having served as a long-term store of value for thousands of years throughout history, providing credibility for financial institutions and acting as a key medium for true wealth protection. It can even serve as a financial panic button - during risk events such as the 2011 U.S. debt default crisis and the 2008 U.S. banking sector collapse, gold market performance far exceeded that of securities markets.
Current geopolitical risks and emerging market central banks' increased gold reserve holdings have become important factors driving up international gold prices. Due to "de-dollarization" demands, many emerging economy central banks have chosen to increase their gold reserves. Even U.S. President Trump has had to acknowledge that gold will remain an important monetary diversification tool in the future.
The main risk facing gold may be the rise of cryptocurrencies like Bitcoin, but Belfort considers this view unconvincing and strongly favors gold over Bitcoin. After all, as an investment advisor, the primary consideration is not to help clients get rich, but to stabilize their current position.
The rationale for holding gold as a strategic investment remains compelling. Despite significant increases in international gold prices in recent years, given its role as a liquidity portfolio diversification tool and its ability to provide resilient performance during periods of market stress, gold remains indispensable in investment portfolios.
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