Gold was the best performing major asset class in 2025 as geopolitical instability, central bank purchases and concerns about the independence of these institutions turned yellow. As of Monday’s close, the SPDR Gold stock exchange-traded fund was up about 64% since the beginning of the year. Other top markets include markets outside the US, with the MSCI All Country World ex-US up nearly 29%. The Invesco Nasdaq 100 rose about 21%. This year has been a tough year for cryptocurrencies and oil. The iShares Bitcoin Trust ETF fell nearly 7%, and the U.S. Crude Oil Fund fell about 8%. U.S. oil prices have fallen by more than 18% in 2025 as OPEC+ production increases threaten to create a surplus. Meanwhile, Bitcoin reached an all-time high of around $126,000 in early October, boosted by a more favorable regulatory environment. But then a record liquidation of highly leveraged crypto positions this fall shook investor confidence in risk-on assets. Cryptocurrencies’ gains this year were erased as traders exited more volatile assets amid economic uncertainty. —CNBC’s Liz Napolitano contributed to this report.
