#Strategy加码BTC配置 2025 Wrap-up: Precious Metals Surge, US Dollar Drops 10%! Will 2026 Be Even More Intense?

If someone had said at the beginning of the year that gold would surge 70%, silver would jump 165%, and the dollar would still fall 10%, most people might have laughed it off. But what happened? After the leadership transition in the world's largest economy, the market has been this volatile.

Investors all know that 2025 would be unusual, but the ferocity of this year's market and the way it ended exceeded most people's expectations.

Gold has become the true safe haven—rising nearly 70%, marking the best annual performance since the 1979 oil crisis. Meanwhile, the dollar plummeted nearly 10%, oil fell 17%, but the worst bonds in the junk debt market actually took off. Even more interesting, the stocks of European arms manufacturers soared 55%—this is driven by expectations of military protection policy adjustments, forcing NATO and other regions to rearm.

The Federal Reserve cut interest rates three times, policy pressures on central banks increased, and widespread debt concerns are reshaping the bond market.

The 14-year bear market cycle in emerging market currencies has finally reversed here.

As we step into 2026, the market is in a strange "extraordinary" state. Leadership is contemplating giving voters money through stimulus measures or tax cuts, while midterm elections and Fed chair nominations are still pending. Plus, the unknowns surrounding the development direction of artificial intelligence make it impossible to predict the script for 2026.