Over the past five years, fiscal policy has played a dominant role in shaping global economic dynamics. Following the COVID-19 pandemic, global debt levels surged to unprecedented highs, driven by necessary fiscal interventions. Concurrently, rising interest rates have significantly increased debt-servicing costs, adding further strain to public finances.

US equity markets kept breaking records in the third quarter, yet with a record 91% of fund managers believing US stocks are overvalued (BofA Fund Manager Survey), this may be one of the most hated rallies on record. As Peter Lynch once warned, far more money has been lost by investors trying to anticipate corrections than lost in the corrections themselves.

Gold is shining brighter than ever. After delivering a 27% gain in 2024, it has carried its momentum into 2025, climbing higher each week and setting new records. This powerful rally leaves investors wondering how much upside remains for bullion.