The Globe and Mail reports in its Saturday edition that investors across many assets had a great year in 2025. The Globe's Ian McGugan writes, however, that it is difficult to discern what the underlying thesis is. Gold's meteoric ascent offers a case in point. Typically, gold is a defensive asset that shines when the future is uncertain. It does well when stocks are on the ropes, then loses its lustre as optimism grows. Not this time. In 2025, for the first time in at least 50 years, both gold and stocks experienced explosive gains at the same time. "This is at odds with the historical pattern of lacklustre gold performance during risk-on phases" for the stock market, the Bank for International Settlements pointed out in its quarterly review. The BIS speculates that the appetite for precious metals "may underscore market participants seeking at least some safe asset exposure in the event that things turn sour." But it acknowledges that gold's big rise may simply reflect investors chasing whatever is going up in price. So gold may be going up because people are turning cautious. Or it may be going up because they are rushing to embrace risk. In today's manic markets, both contradictory explanations seem plausible.