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.
Gold's Rally Is Largely Speculative
- Gold's price surge has moved beyond fundamentals into a global speculative frenzy.
- Douglas Porter says gold doubled from a year ago and its run is now largely speculative.
From Central Banks To Retail Mania
- Central bank buying and dollar weakness helped kick off the gold rally but retail investors amplified it.
- Porter says money shifted from cryptocurrencies into precious metals as trust in fiat fell.
