The gold price has been on a tear since President Trump returned to the White House and unleashed his tariffs on the world, prompting investors to pile into the safe-haven asset to get their share of the historic gains.
Since 20 January 2025, gold has undergone an unprecedented rally, shattering long-standing psychological barriers and rewriting financial history.
From an initial position near $2,700 per ounce (oz) at the start of the new US presidency, the precious metal entered a super-cycle driven by a mix of geopolitical instability and systemic shifts in the technology sector.
The gold price passed through $3,000/oz in March 2025 as US tariffs were announced. The precious metal then broke through the $4,000 barrier in October 2025 on rising geopolitical tensions, before passing $5,000/oz on January 20, 2026, fuelled by a weakening US dollar and record-shattering central bank purchases from China and India, reaching an all-time high of $5,626.80/oz on 29 January 2026.
Physical Gold
Investors who chose the most direct way to gain exposure to gold – owning the physical asset – enjoyed a 72%–73% return over the 12 months between 20 January 2025 and 2026.
These investments typically include buying sovereign bullion coins, like the Krugerrand, or small gold bars. But, at around $5,000 an ounce, gold’s record run means buying a physical ounce (or even a quarter ounce) is unaffordable for many retail investors.
Gold ETFs
Thankfully, there are other ways to get your share of gold exposure with shares and exchange-traded funds (ETFs).
ETFs allow you to buy gold on a stock exchange like a regular share, with fractional ownership offering opportunities to gain exposure with sums as low as R20. Each unit is backed by physical gold held in a high-security vault.
Clarity investors can access these investments via an ETF, like the NewGold Issuer Limited (GLD-JSE). It is a special purpose vehicle, or SPV (a separate, ring-fenced legal entity created by a company or investor group to hold a specific asset) designed to track the spot price of gold.
These ETFs track the gold price, with the NewGold Issuer Limited ETF rising +52.7% over the 12 months between 20 January 2025 and 2026.
Gold Mining Stocks
Another option to get your share of gold’s gains is buying shares in the companies that bring the precious metal up to the surface.
Many of these companies operate in South Africa, which is home to some of the world’s biggest gold deposits and, as such, the biggest names in gold mining.
The biggest listed gold miners include Anglogold Ashanti PLC (ANG-JSE), DRDGOLD Ltd (DRD-JSE), Gold Fields Limited (GFI-JSE), and Harmony Gold (HAR-JSE).
Gold miners often offer leveraged gains in relation to the gold price. For example, if the gold price rises 10%, a well-run mining operation might see profits rise 30%, causing the stock to surge more than the metal itself.
These market dynamics offer retail investors massive potential for outperformance and, often, strong dividends. However, investing directly in a mine operator introduces various risks, such as the potential impact on the stock price from a labour dispute, strike, or accidents.
