Name: Gold’s Global Rally Is Sparking a New Investor Class
Uploaded: 2024-05-20T04:01:00Z
Duration: 5 min 34 s
Description: Gold is hitting record highs— bucking long held trends for the commodity. WSJ breaks down the factors behind its rally and why that’s bringing in a new class of investors.

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Gold is hitting record highs— bucking long held trends for the commodity. WSJ breaks down the factors behind its rally and why that’s bringing in a new class of investors. Illustration: Alexandra Larkin

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Gold is hitting record highs— bucking long held trends for the commodity. WSJ breaks down the factors behind its rally and why that’s bringing in a new class of investors.

Gold’s Global Rally Is Sparking a New Investor Class

Narrator: This chart shows the price of gold. See these peaks? They coincide with periods of economic weakness. Recessions.

Economy has slowed down.

Narrator: Low interest rates.

We decided to keep the target range for the federal funds rate at zero to one fourth percent.

Narrator: And falling stock markets.

The Dow just had its biggest point drop in history, falling 1,190 points.

Narrator: But take a look at what's happening right now. Gold just hit a historic high, but by most measures in the US, the economy is doing pretty well.

People say, gold is crazy, what's this move?

People have called it curious. They've called it stealth. They've called it mysterious.

Narrator: Here's what's driving this mysterious rally and why new investors are taking the dive into gold. Two of the main ways to invest in gold are ETFs, essentially buying shares of gold, and physical gold itself. In the past, investments have been split between the two. ETFs are typically more accessible to the average person.

You can just buy them and sell them just like a share of a stock. Unlike a gold bar, you don't have to store it. And then when you wanna sell it again, it's just a click of a button.

Narrator: But now they're being sold off and physical gold is riding high as investors scoop up bars, coins, and jewelry. This rising interest in physical gold started with central banks piling up on gold bars.

They're taking dollars and selling dollars and buying physical gold and storing it because you can't get to my vault.

Exactly.

Narrator: Their buying nearly doubled after the start of the Ukraine-Russia war as a way to diversify their assets.

The US and some of its allies froze Russian assets, and that's got some countries worried. Countries like China, Turkey, they don't want to see their central bank assets get frozen.

Narrator: Some of these countries, China, for example, hold large amounts of dollar-based assets like US treasuries that the Fed would be able to freeze. But gold isn't reliant on the US or any other country in the same way.

If you took all the gold that was ever mined, you could fit it into a building that's about seven stories high and about 5,000 square feet. That's it. There's no CEO of gold. Nobody can manipulate it. It has its value just due to its own properties, due to its own, you know, rarity.

Narrator: And as central banks ramped up their buying, so did individual investors, especially in countries like China. More retail investors bought gold there than in any other country over the last four years. Many are young, buying assets like gold beads, small gold balls that are cheaper than buying a full bar.

Younger generation in China, in the US, and in other countries as well, has become more skeptical of traditional financial assets. And so they're grasping for something else.

Narrator: And while China is the biggest buyer, demand for gold has increased globally. A Gallup poll in 2023 showed Americans now prefer gold over stocks as an ideal long-term investment. And one place to look at to see the growing interest? Costco.

Customer: I filled out the merchandise pickup slip, brought it to checkout, and then just waited anxiously until an employee brought it to me.

Narrator: The company began selling gold bars online and in store in 2023.

Come look at this.

Shopper: Oh, I'm getting that for sure.

Narrator: And went viral on social media.

Browser: You can do the dragon one and you can do the moon one.

Narrator: The bars consistently sell out, and customers are spending an estimated 200 million on them per month.

People know Costco, they trust them, and they were eager to buy gold so they feel comfortable. Costco is a, you know, is a small fraction of the gold buying and selling that's out there, but it's revealing of, you know, the interest that that regular people have.

Narrator: All of this has caused gold to spin on its head bucking decades long trends. Remember that gold price chart from earlier showing how it tends to go up during economic downturns?

People buy physical gold in those circumstances because they have something tangible that they can hold onto. It's not something that's just a image on a screen or a number on a account statement.

Narrator: But some analysts say that right now people aren't necessarily worried about the current economy but about its future.

We had Covid in the pandemic. We had the Ukraine, Russia invading Ukraine. We now have the Middle East War. We have ballooning government debt, and on top of that, just political discord, international discord. It's just a very turbulent, uncertain time.

Narrator: And just because the economy is doing well in some places doesn't mean it's doing well everywhere. For Chinese investors, the interest in gold has been driven by a recent stock market crash and turmoil in the housing market.

Traditionally, Chinese, just like here, bought property to store their wealth. Since the real estate market there collapsed, gold has become an alternative hard asset that people can own to store value.

Narrator: So what does all of this mean for investors? Well, gold can still go up or down at any time, especially because it's often driven by emotion. But some analysts are bullish on its value continuing to stay high.

The underlying things that are causing worry and driving people to gold, those don't seem to be going away anytime soon. So by and large, the street is bullish.

Some days the high-speed news cycle can bring more questions than answers. WSJ’s news explainers break down the day's biggest stories into bite-size pieces to help you make sense of the news.

Gold’s Global Rally Is Sparking a New Investor Class

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