Chaos, cheap money, and a collapse in crypto send gold up 69% for the year, hitting a new record high

Group 1: Gold Market Dynamics - The price of gold reached a record high of $4,462.10 per troy ounce, marking a 69% increase year to date, significantly outperforming the S&P 500's 17% rise [1] - Factors driving gold's rise include political instability, low interest rates, and the decline of Bitcoin, reinforcing gold's position as a safe haven asset [1][5] - Analysts suggest that the current economic environment, characterized by a weakening labor market and potential interest rate cuts by the Federal Reserve, is favorable for gold [3][7] Group 2: Bitcoin's Decline - Bitcoin's narrative as a reliable store of value has faltered, with its price dropping from a high of approximately $125K to a low of $84.2K, a decline of 34% [4] - The collapse of Bitcoin has led anxious investors to seek refuge in gold, further boosting its demand [5] Group 3: Economic Policies Impacting Gold - The potential for a $2,000 "free money" giveaway by the Trump administration is expected to devalue existing currency, making gold more attractive [6] - The ongoing fiscal deficits projected at $1.8 trillion to $1.9 trillion over the coming years, combined with existing national debt of $38 trillion, contribute to the depreciation of the dollar, which is beneficial for gold [7]