For the first time in at least 50 years, both gold and stocks experienced huge gains at the same time.

This was the year when everyone, everywhere, made money. In fact, if you had celebrated New Year’s Day 2025 by downing a few cocktails, throwing darts at a map of the world and then buying stocks wherever they landed, chances are you would have done magnificently.

In Canada, the S&P/TSX Composite Index TXCX rocketed to a 31-per-cent total return. In the United States, the S&P 500 index INX surged to a 12-per-cent return. In Europe, the S&P Europe 350 index EQE-F-NE rewarded investors with a hearty 28-per-cent gain.

Chinese and Japanese stocks, as well as emerging-market equities, spat out returns of 20 per cent or more. Some specialized investors did even better than that. Gold s

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