創曆史的大漲往往伴隨著劇烈回調和長期underperform。今年黃金漲幅在曆史1%區間，基本麵雖然依然看好。

但fomo情緒和追漲殺跌資金也遠超曆史norm。

Major historical price increases

• 1970s: 

  This period saw a significant bull run, with gold increasing by over 1,400% to a peak in January 1980. The price rose from a low of about $35 to over $850 per ounce (in 2025 dollars). 

   
• 2000–2011: 

  Following the 2008 financial crisis, gold prices experienced a steep rise from around $730 in 2008 to a peak of nearly $1,900 in 2011. 

   
• 2015–present: 

  Gold has been in a bull run since late 2015, with prices climbing significantly in the 2020s. This run has been fueled by strong investment demand, a weakening dollar, and the COVID-19 pandemic. 

   
• 2025: 

  Gold prices have reached all-time highs in 2025, surpassing inflation-adjusted records from 1980. The price has been driven up by inflation concerns and global demand, and some analysts are bullish on its future price, as shown by JP Morgan's forecast.