Ray Dalio Warns Dollar Decline Marks Structural Shift as Gold Crushes Stock Returns

TLDR: Gold returned 65% in dollar terms during 2025, outperforming the S&P 500’s 18% gain by 47 percentage points. European stocks beat U.S. equities by 23% while Chinese stocks exceeded American returns by 21% amid dollar flight. The dollar fell 39% against gold and posted double-digit losses versus euro and Swiss franc during the year. [...]

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