Gold just smashed another all-time high. The surge came right after fresh tariff threats targeting European nations over the Greenland situation. Quite the timing, right?

Here's what caught everyone's attention: gold wrapped up 2025 with a staggering 64% gain. That's massive. But now the real question hits different—can this bull run keep going, or are we finally looking at a pullback?

The answer isn't straightforward. Trade tensions and geopolitical uncertainty typically act as tailwinds for precious metals. But when you've already run up this hard, momentum alone won't sustain it forever. You need either fresh catalysts or a widening appetite for safe-haven assets.

What makes this interesting for portfolio builders: gold's recent performance raises the classic debate about diversification. When traditional hedges move this far, do they still serve their purpose? Or do you need to rethink how you balance risk in a world where policy surprises keep reshaping market dynamics?

The fundamentals supporting gold remain intact—macro uncertainty, currency moves, and inflation concerns. Whether that translates to continued outperformance or a consolidation phase will depend heavily on how trade negotiations actually unfold.