The current gold rally is quite intense. In the just-passed 2025, spot gold prices first broke through $4,500 per ounce, reaching a nearly 70% increase within the year. Although there was some pullback later, the full-year gain still amounted to 64%, making it the strongest annual performance for gold since 1979.

Remember what happened 46 years ago? The Iranian Revolution in 1979 triggered a surge in oil prices, and the Soviet invasion of Afghanistan caused geopolitical upheaval. These two major events stacked together led to a skyrocketing demand for gold as a safe haven and inflation hedge. Gold prices soared from $200 per ounce in 1978 to $850 in January 1980, creating a震撼全球的行情.

The current situation is quite interesting. The Ukraine situation is ongoing, chaos in the Middle East persists, and the Venezuela issue hasn't settled down. These geopolitical conflicts are playing the same role as Iran and Afghanistan did back then—continuously strengthening market risk aversion sentiment and boosting gold demand. From another perspective, looking at the US dollar, the dollar index has been weakening recently, mirroring the decline scene of the late 70s. Dollar depreciation makes gold even more attractive to investors holding non-US currencies.

The logic between these two eras is surprisingly similar, which itself is an intriguing signal.