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Having long secretly meddled in gold for central banks, BIS blames retail investors for 'bubble'
Retail Investors Help Drive Gold and U.S. Stocks to Bubble Territory, BIS warns
By Leslie Hook and Martin Arnold
Financial Times, London
Monday, December 8, 2025
Retail investors are helping drive gold and U.S. stocks toward "bubble" territory, raising the risk of a disorderly reversal, the Bank for International Settlements has warned.
In its latest quarterly review, published Monday, the BIS said that gold and U.S. stocks showed the hallmarks of a bubble, including retail investor "exuberance," surging valuations, and media hype.
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Gold has surged 60% this year in its best annual performance since 1979. U.S. stocks, led by a handful of big tech companies riding the artificial intelligence boom, are on track for annual gains, with the S&P 500 up 17% and the Nasdaq up 22%.
The decision to sound the alarm over the gold market is striking because the BIS, known as the "bank for central banks" and renowned for its secrecy, helps central banks trade the metal and stores it for them.
"The past few quarters represent the only time in at least the last 50 years in which gold and equities have entered this territory simultaneously," the BIS noted. "Following its explosive phase, a bubble typically bursts with a sharp and swift correction." ...
... For the remainder of the report:
https://www.ft.com/content/8e5a4fcf-dc99-4014-853a-b2585e2396b9
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