According to @BullTheoryio, 2025 returns were Silver +160%, Gold +66%, Nikkei +29%, Hang Seng +29%, DAX +24%, FTSE +22%, Nasdaq +21%, S&P 500 +17%, SGX +14%, CAC +11%, and Bitcoin (BTC) -5% (source: @BullTheoryio on X, Dec 31, 2025: https://twitter.com/BullTheoryio/status/2006401953316901045). According to @BullTheoryio, metals outperformed all listed indices, with silver beating gold by 94 percentage points and outperforming the top equity cohort by 131 to 149 percentage points based on the reported figures (source: @BullTheoryio on X, Dec 31, 2025: https://twitter.com/BullTheoryio/status/2006401953316901045). According to @BullTheoryio, BTC’s -5% return underperformed every equity index cited by 16 to 34 percentage points and lagged gold by 71 percentage points despite what the source describes as large ETF inflows (source: @BullTheoryio on X, Dec 31, 2025: https://twitter.com/BullTheoryio/status/2006401953316901045). According to @BullTheoryio, derived spreads include Silver vs Gold +94 pp, Silver vs Nasdaq +139 pp, Gold vs Nasdaq +45 pp, BTC vs Gold -71 pp, and BTC vs S&P 500 -22 pp, highlighting relative performance differentials that are relevant for trading comparisons (source: @BullTheoryio on X, Dec 31, 2025: https://twitter.com/BullTheoryio/status/2006401953316901045).

According to The Kobeissi Letter, gold rose 6.0% in November after gains of 3.7% in October and 11.9% in September, marking a fourth consecutive monthly advance. According to The Kobeissi Letter, gold posted positive returns in 10 out of 11 months this year. According to The Kobeissi Letter, over this stretch gold rallied 60.7%, indicating sustained momentum that traders may factor into XAUUSD trend-following and buy-on-dips strategies.