Why is everyone buying gold?

Gold is on fire right now with some gold ETFs outperforming the major stock indexes over the past 12 months. Gold is supposed to be boring, an inflation hedge. But right now, it's responding to something else. Today on the show, we talk to a finance professor about what’s behind the current gold rush and if gold’s hot streak is built to last. <br /><br /><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5525138" target="_blank">Understanding Gold by Claud B. Erb and Campbell R. Harvey</a><br /><br />Related episodes: <br /><br /><a href="https://www.npr.org/2025/03/21/1239865425/gold-germany-tariffs-trump-mergers-acquisitions" target="_blank">A new-ish gold rush and other indicators</a><br /><br /><a href="https://www.npr.org/2019/07/18/743261869/gold-rush-2-0" target="_blank">Gold Rush 2.0</a><br /><br /><a href="https://www.npr.org/2022/05/03/1096314685/a-secret-weapon-to-fight-inflation" target="_blank">A secret weapon to fight inflation</a><br /><br />For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at <a href="http://plus.npr.org/" target="_blank">plus.npr.org</a>. Fact-checking by <a href="https://www.npr.org/people/1268825622/sierra-juarez" target="_blank">Sierra Juarez</a>. Music by <a href="https://dropelectric.bandcamp.com/" target="_blank">Drop Electric</a>. Find us: <a href="https://www.tiktok.com/@planetmoney" target="_blank">TikTok</a>, <a href="https://www.instagram.com/planetmoney/" target="_blank">Instagram</a>, <a href="https://www.facebook.com/planetmoney" target="_blank">Facebook</a>, <a href="https://www.npr.org/newsletter/money" target="_blank">Newsletter</a>.  <br /><br />See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.<br /><br /><a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>