ANGELA WEISS/AFP via Getty Images 2025 may have been the start of the end of America's outperformance, a strategist says. Lazard's Ron Temple pointed to concerns about the Fed's credibility and the US debt pile. Investors may start to shift away from the US dollar first in currency hedges, he said. This year might be remembered as the end of a distinct era in markets. Lazard's top strategist said said he believes 2025 marked the beginning of the end of American exceptionalism in financial markets ...

Central Bank Gold Holdings - The Philippines' central bank holds gold that constitutes about 13% of its $109 billion gross international reserves, which is higher than most Asian counterparts [2][7] - The ideal gold ratio for the central bank should be between 8% to 12%, indicating a potential need to reduce gold holdings [2] Price Trends and Market Dynamics - Gold prices have surged this year, briefly exceeding $4,380 per troy ounce before retreating below $4,000 due to easing geopolitical tensions and profit-taking by investors [2][4] - The price of gold has increased approximately 52% this year and 30% in the last two months, driven by significant central bank purchases and global uncertainties [4][5] Central Bank Strategy and Debate - There is an ongoing debate within the Bangko Sentral ng Pilipinas regarding whether to continue accumulating gold or to start selling to realize profits [3] - The current governor of the central bank has described gold as a "very poor investment" but acknowledges its role as a hedge in a diversified portfolio [4] Future Outlook - Goldman Sachs anticipates that central banks and institutional investors will continue to increase their gold exposure amid global uncertainties, projecting a gold price of $4,900 per ounce by the end of 2026 [6]