Gold has had a remarkable run. After returning over 60% in 2025 — one of its strongest annual performances in decades — the metal came into 2026 hitting new all-time highs almost immediately, driven by a combination of geopolitical risk from the Middle East conflict, central bank buying, lingering inflation uncertainty, and growing questions about the U.S. dollar’s reserve currency status. Fidelity’s market outlook recently noted that commodities and gold have outperformed stocks so far in 2026 — and that, historically, this pattern has been more characteristic of bear markets than bull ones. That’s not a prediction, but it’s worth paying attention to.