October 15, 2025
Article from Morgan Stanley by Lisa Shalett
Article Synopsis
Gold’s historic rise—up more than 50% year-to-date and 2.5x since late 2022—is puzzling investors as it climbs alongside equities instead of acting as a traditional “safe haven.” Analysts point to factors like AI bubble fears, inflation hedging, and dollar debasement, but none fully explain the rally. Morgan Stanley’s Global Investment Committee suggests the surge may reflect a global financial shift, with central banks diversifying away from the U.S. dollar and exploring digital assets and gold-backed currencies. The report advises investors to stay diversified across real assets, Treasuries, and select equity sectors benefiting from AI-driven productivity.
