Liam Denning, Columnist

Gold’s Record Run Can’t Continue Forever, Right?

The mostly useless yellow metal epitomizes an anxious state of mind. While there’s still plenty to worry about, most of it is now in the price.

September 30, 2024 at 12:00 PM UTC

By Liam Denning

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

All that glitters.
Photographer: Brendon Thorne/Bloomberg

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Gold is what you buy when everything isn’t goldilocks. Inflation, deflation, war, pestilence — gold is a certain anxious state of mind made tangible in a seductive but mostly useless metal. In a weird spin, gold has been enjoying a goldilocks period itself, hitting a new record last week. More that that, it seems almost immune to things that would usually drag it down.

Almost.