Gold is not spiking on crisis. It is repricing on fracture.

There is no marginal seller of trust now. Only buyers.

Executive Summary

Gold’s surge through $3,000 per ounce and into record territory marks a break from the speculative spikes of the past. Unlike the 1980 rally—which faded with geopolitical resolution—this move is rooted in a broader structural shift. The core difference: global trust has eroded without a functioning mechanism for recovery.