Gold breaking through US$5000 an ounce is not just a milestone for commodities traders. It is a signal that something deeper has shifted in global markets, and it has far less to do with inflation prints or technical momentum than with confidence in institutions, currencies and sovereign balance sheets.
Bullion surged past $US5110 this week, extending a rally that has already made 2026 one of gold’s strongest years on record. The trigger was familiar but potent: renewed geopolitical uncertainty under US President Donald Trump, pressure on central bank independence, and a broad investor retreat from government bonds and. . .
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