Up 44% over the last year, gold has been by far the best-performer across a basket of 12 leading global asset classes over the period, according to the BlackRock Investment Institute, most notably trouncing the 22% return for the S&P 500 over the last year, including reinvested dividends.

Gold prices are soaring to record highs, nearing $3,000 an ounce. The surge began after President Trump’s election win and continues to climb amid fears of a trade war, driven by his tariff policies on China,

Gold prices soared to a record high on Tuesday on safe-haven demand after U.S. President Donald Trump imposed fresh tariffs on steel and aluminum imports, which could fuel inflation further and escalate the potential for a global trade war.