Gold rush is back, and instead of miners and pickaxes, its hedge funds and billion-dollar spreadsheets.

Ray Dalio’s Bridgewater Associates opened a fresh $318.8 million position in SPDR Gold Trust GLD during the first quarter of 2025, as per a new 13F filing with the SEC. For the world’s largest hedge fund, it’s not mere portfolio adjustment, it’s a shiny declaration.

Dalio, a long-time outspoken proponent of “hard money,” recently doubled down on his opinion during a presentation at Abu Dhabi Finance Week. Forecasting a coming “debt money problem” due to hyperborrowing by the U.S., China and virtually every large economy other than Germany, Dalio expressed his fondness for the likes of gold and Bitcoin over conventional debt vehicles.

Also Read: Exclusive: Expert Explains How This Gold ETF Lets You Physically Hold Your Wealth And Why Investors Are Quietly Rushing In

He’s not the only one embracing this golden gospel. No, institutional investors are flocking to the yellow metal at a furious clip — 1,187 GLD shares were added last quarter. BlackRock, Goldman Sachs and UBS all bulled up their gold ETFs with positions in GLD, according to Quiver Quantitative.

GLD Is The Standard-Bearer—But Not The Only Game In Town

GLD might be the gold ETF heavyweight champion, but it’s not alone in the ring. Those interested in playing with bullion without keeping it under the mattress can consider:

iShares Gold Trust IAU: Inexpensive and popular with good liquidity, perfect for long-term investors who prefer fees on the lean side (expense ratio is 0.25%).

SPDR Gold MiniShares Trust GLDM: It’s like GLD’s less expensive cousin and it has a smaller expense ratio (0.1%).

Goldman Sachs Physical Gold ETF AAAU: Supported by physical gold and Goldman’s influence, it’s picking up among newer gold bugs.

The Golden Fuel

Aside from hedge fund mania, there is a macro muscle driving the gold rally. Central banks have purchased more than 1,000 metric tons of gold per year since Russia’s invasion of Ukraine in 2022, twice the amount of the previous decade, per a Reuters report from April.

Why? Central banks are diversifying out of the dollar and hedging against geopolitical risk and Trump-fiscal pyrotechnics.

The Bigger Picture

Dalio puts it best: debt, money and the economy are only one of five epic forces remaking the world. The others — domestic political strains, foreign geopolitical conflicts, acts of nature, and technological innovation — are all lighting up red or amber. Gold, in such a scenario, is not simply a safety net. It’s a statement.

So, whether you're a hedge fund titan, a cautious retail investor or someone who just likes a little shine in their portfolio, the message is clear: in an age of debt and disruption, gold isn't going out of style anytime soon.

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