Gold and Silver Beat Stocks and Bitcoin Since Trump’s Election
- Gold and silver led global markets post-Trump, posting record 50% and 53% annual gains.
- Bitcoin rose 37% as pro-crypto policies and investor optimism drove digital asset demand.
- U.S. bonds weakened as rising yields showed deficit fears under Trump’s fiscal expansion.
Gold and silver have emerged as the year’s top-performing assets since Donald Trump’s re-election on November 5, 2024, outpacing stocks, Bitcoin, and Nvidia. In the twelve months following his return to the White House, gold soared nearly 50% and silver gained over 53%, their strongest post-election rally in more than five decades.
Precious Metals Dominate Post-Election Markets
The surge in precious metals began immediately after Trump’s victory over Democratic candidate Kamala Harris. Gold climbed to $3,998 per ounce by November 2025, up from $2,676, while silver surged to levels unseen since 2011.
Analysts link this momentum to changing investor sentiment amid expectations of aggressive fiscal spending, trade disruptions, and global uncertainty. As per StoneX analyst Rhona O’Connell, both metals have recently tested support after steep gains since mid-August.
The World Gold Council also noted “overbought momentum levels” and volatility spikes similar to past peaks. Despite minor corrections, gold’s 49.42% rise and silver’s 53.1% jump remain the highest one-year performances among all major assets.
Platinum and palladium have also surged, jumping 60% and 35.5% since November 2024. Their gains did not just beat the S&P 500 and Bitcoin but even AI chipmaker Nvidia, showing how strong commodities have risen during Trump’s second term.
Stocks, Bitcoin, and AI Join the Boom
While gold and silver dominated, risk assets also rallied through 2025. The S&P 500 gained by 14.07% to close at 6,763, driven by the ongoing artificial intelligence boom and strong corporate earnings. Nvidia’s stock surged by 32.59%, rebounding from mid-year lows as global demand for AI chips accelerated.
Bitcoin has been climbing steadily after a shaky start to the year. Trump’s support for crypto and his push to loosen regulations lifted investor confidence, pushing Bitcoin to a record high of $125,835 in October. Still, some investors moved their money to gold and silver, looking for safer options as policies continued to shift.
Global equity markets resembled U.S. momentum. Europe’s defense stocks surged as Trump pushed NATO allies to raise defense budgets, while Japan, South Korea, and China benefited from the AI-driven rally and a softer U.S. dollar.
Bonds Struggle as Trump’s Policies Lift Yields
The bond market told a different story. The iShares 20+ Year Treasury Bond ETF fell 0.61% to $89.65, showing investor concern over Trump’s heavy borrowing and deficit-expanding tax plans. Yields on 30-year U.S. bonds climbed to 4.66%, up 0.14% since the election.
Analysts attribute the weakness in long-term Treasuries to fears of rising fiscal deficits under Trump’s “One Big Beautiful Bill,” which projected to add $3.8 trillion to the national debt over the next decade. Despite these pressures, the Federal Reserve’s gradual rate cuts and stable inflation prevented broader credit stress.
Internationally, bond yields rose even faster. Japan’s 30-year yield increased by 0.85%, while France and Germany saw gains of 0.62% and 0.59%, respectively, reflecting global reactions to U.S. fiscal expansion. The U.S. dollar, meanwhile, fluctuated sharply. It surged right after the election but later fell by 4%, as investors switched to gold and other safe-haven assets.
Related: Gold Rises as Bitcoin and U.S. Market Reach Record Highs
Trump’s Trade Moves and Tesla’s Political Ties
Trade and industrial policy also influenced market direction. Trump’s tariff hikes, introduced on April 2’s “Liberation Day,” initially led to a 10% drop in the MSCI World Index but later boosted U.S. manufacturing and commodity prices.
The U.S. trade deficit narrowed to $60.2 billion in June, its lowest level in two years, with the deficit against China shrinking 70% in five months. Tesla’s stock showed both political influence and volatility.
Elon Musk, who invested $250 million in Trump’s campaign, saw Tesla shares nearly double to $488.5 within two months post-election. However, sales slowed after Musk joined Trump’s administration to head the Department of Government Efficiency. Tensions between the two later surfaced, leading to a split in November that helped stabilize Tesla’s price.
Despite mixed reactions across sectors, investors have adapted to Trump’s unpredictable policy cycle. The so-called “TACO trade”, (Trump Always Chickens Out), has become a familiar market pattern, describing how traders anticipate strong rhetoric followed by policy reversals.
Gold hitting $3,998 per ounce and silver climbing 53% show how changing fiscal and geopolitical tides have favored tangible assets over paper ones since Trump’s re-election, showing a year where metals, markets, and money moved in unexpected directions.
