Between January 1, 2025 and December 31, 2025 the Dollar declined 9.4% while gold rose 64.70%. When you compare this to the previous Trump administration where the Dollar declined 10.41% and gold rose 13.11%, it is not about the price of gold. It is about the value of the Dollar. Steve Mnuchin (Investment Banker) was the Treasury Secretary between February 2017 and January 2021. Scott Bessent (hedge fund manager) was appointed in January 2025. Based on their actions both Treasury Secretaries prefer a weak Dollar policy regardless of who is President. It is apparent they were looking for an immediate 10% decline in the Dollar during the first year of their appointment. After the 2017 Dollar decline, it retraced up to the 103.0 range before dropping once again in 2020.
As of January 20, 2026, Commitment of Traders futures data patterns and calculations indicated Gold, Silver, S&P500, and 30 year treasury bond (relative to the Dollar) were in a position similar to where they were on December 18, 2007. Based on this data, it appears gold and silver still have some room to move higher. As additional data is provided adjustments may be needed.
Trump Administration
Fed Chair: Janet Yellen – Feb 3, 2014 – Feb 3, 2018
Strong Dollar policy
Treasury Secretary: Steven Mnuchin, Investment Banker
(February 13, 2017 – January 20, 2021)
Weak Dollar policy
Gold – January 2, 2017 – December 29, 2017
1151.46 to 1302.45 = 13.113% increase
USD – January 2, 2017 – December 31, 2017
102.83 to 92.12 = 10.41% decrease
Trump Administration
Fed Chair: Jerome Powell – Feb 5, 2018 –
Treasury Secretary: Scott Bessent, Hedge Fund Manager
(January 28, 2025…… )
Weak Dollar policy
Gold – January 1, 2025 – December 31, 2025
2624.38 to 4322.61 = 64.70% increase
USD – January 1, 2025 – December 31, 2025
108.48 to 98.28 = 9.4% decrease
Note that this information is for educational purposes only and not a recommendation.
Stock charts courtesy of StockCharts.com.
