Gold miners just had their best month on record, a big win for gold investors and a warning sign for the tech trade.

• A global gold mining index jumped 43% in August, its biggest monthly gain ever.
• That beats anything chip stocks managed this year, even in their strongest month.
• The trigger was a surprise US Treasury move to buy back more government debt, pushing investors toward gold as a safe store of value.
• Gold itself rose 13% this month and now trades above $4,500 an ounce, with money pouring into gold funds.
• Tech stocks are being held back by rising bond yields and doubts that huge AI spending will ever turn into real profits.

Outlook: Big banks expect gold to keep running as the dollar weakens and central banks buy, though tech could claw back if cloud giants prove their AI spending pays off.