Aaron Brown, Columnist

This Gold Rush Isn’t About Inflation — or Even Gold

Glitter distracts the eyes from the financial fundamentals.

September 15, 2025 at 9:30 AM UTC

Aaron Brown is a former head of financial market research at AQR Capital Management. He is also an active crypto investor, and has venture capital investments and advisory ties with crypto firms. He is the author of the soon-to-be-released "Wrong Number."

A glittering distraction.
Photographer: Alessia Pierdomenico/Bloomberg

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The price of gold just broke a more than four-decade-old record when adjusted for inflation. At these levels, gold has more purchasing power than it did at its January 1980 peak of $850 or $3,524 in current dollars.

There are two usual suspects when gold prices go up — fear of inflation and fear of financial repression such as sanctions and capital controls. Both were in full force in January 1980 when the Consumer Price Index rose 13.9% from a year earlier and after President Jimmy Carter had frozen Iranian assets the previous November.