The Current Why the world is in a ‘gold rush’
Jan 29, 2026
John Rapley, political economist and author, gives cultural and historical takes on gold's magnetism. Douglas Porter, BMO chief economist, explains market forces driving the rally. They discuss retail gold selling, central bank buying, dollar weakness, de‑dollarization, and whether the current rush looks like past bubbles.
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People Turning Heirlooms Into Cash
- Vancouver customers report selling old charms and jewelry as prices climb.
- Tyler Whitmore says stores see lineups with people selling rings, chains, watches and charms.
Current Prices Surpass Past Peaks
- Today's gold prices exceed the late 1970s peak even after inflation adjustment.
- Porter notes this shows how extraordinary the current run is compared with past gold booms.
Gold's Tangibility Drives Trust
- Precious metals feel like a tangible, globally recognized store of value.
- Porter argues gold's limited supply and physicality make it attractive when trust in currency falls.
