It’s no longer a fringe theory. As of 28 March 2025, gold (XAU/USD) has surged past $3,070 per ounce, marking yet another all-time high. Once seen as a static safe haven, gold is now breaking records and—some argue—replacing tech stocks as the new “TINA” trade. TINA, or “There Is No Alternative”, once referred to the idea that investors had no choice but to buy equities in a low-rate world. That narrative appears to be shifting, and gold may be the clearest beneficiary.
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In recent months, the rally in gold has been anything but subtle. From around $2,600 late last year to more than $3,070 now, we’re looking at a rise of over 18% in 2025 alone, according to figures from Trading Economics. A record of $3,058 was logged on 20 March, and prices have barely looked back. A Reuters report dated 27 March captured the mood: “Gold scaled fresh peaks as investors rushed to safe havens amid rising trade tensions,” notably in response to new tariffs on autos announced by former President Trump.
Ben McMillan of IDX Advisors described the move as a “secular trend with no signs of slowing,” suggesting that gold’s climb isn’t merely reactionary. While he didn’t label it a TINA trade explicitly, the implication is hard to miss: with stocks choppy, bond yields under pressure, and inflation eroding cash, gold is emerging as the least-worst option—or perhaps the best available one.
Investor sentiment seems to confirm it. On social media, the commentary has been swift and bullish. On 14 March, @graddhybpc predicted a run to $3,000–$3,300, which now seems more plausible than bold. Another post from @KingKong9888 on 17 March hailed a “new ATH” at $3,013—since then, we’ve added another $50+. While anecdotal, these posts reflect a growing conviction that gold isn’t just spiking—it’s repricing for a new paradigm.
Meanwhile, analysts at FXStreet (in a 20 March article) noted that while traders may look to cash in after reaching $3,058, gold remained structurally bullish. They cited the potential for prices to move above $3,100 should global tensions worsen. Fast-forward just a week, and that forecast is already playing out. Goldman Sachs, as early as February, suggested a $3,100 year-end target—one that now seems conservative.
It’s also a matter of comparison. Equities, especially in the tech space, look extended. Take Nvidia, for instance—still trading at high multiples even as the AI narrative cools. Bonds, meanwhile, aren’t keeping pace with inflation. U.S. 10-year yields remain around 4%, with inflation still sticky in the 3–4% range. Real returns are thin at best. Cash? With the dollar facing devaluation pressures and real yields negative, it’s hardly a compelling alternative. Central banks—particularly in China—have picked up the slack. According to the World Gold Council, China bought 1,037 tonnes in 2023, with 2024 figures expected to be even higher.
This isn’t the same TINA we saw during the COVID years. Back then, it was about chasing upside through tech stocks in a zero-rate environment. Today’s gold TINA is defensive. It’s about preservation, diversification, and hedging systemic risk. Still, the framework holds: investors are putting their money where they believe the least downside and clearest upside exist.
No single headline from this week spells out “gold is the new TINA” in black and white. But the evidence is layered: consistent record highs, professional commentary linking flows to safety demand, and widespread positioning in gold that goes beyond the usual hedging. Investors aren’t just avoiding other assets—they’re actively choosing gold as the core of their allocation.
Putting theory into practice
The idea that “there is no alternative” once pushed investors into Silicon Valley stocks. Today, it’s sending them towards vaults in Zurich and Shanghai. Whether or not gold formally wears the TINA crown, it’s clearly the trade of the moment. And with every tick higher, the argument grows louder: when other markets offer more questions than answers, gold seems to offer both safety—and, increasingly, returns.