WSJ's Take On the Week

Gold Is at Record High. Is It Still Time to Buy?

Sep 25, 2025
James Mackintosh, a senior markets columnist at The Wall Street Journal, and Greg Ip, the chief economics commentator, dive into the current gold rush as prices soar. They explore gold's role as portfolio insurance against inflation and geopolitical risks. The discussion also touches on central banks' buying trends and compares gold's stability to Bitcoin's volatility. They address practical buying methods and even share quirky recession indicators like men's underwear. Tune in for a mix of market insights and lighthearted commentary!
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INSIGHT

Gold As Portfolio Insurance

  • Greg Ip frames gold as portfolio insurance rather than a speculative bet.
  • He highlights gold's value in hedging against currency weakness, inflation, and loss of dollar safe-haven status.
ANECDOTE

Bought Too Late, Hard To Hold

  • James Mackintosh admits he would have preferred buying gold 18 months ago given recent gains.
  • He warns that insurance-like assets can sit underwater for decades and investors may struggle to hold them.
INSIGHT

Central Banks Fueling The Rally

  • Central-bank buying has driven much of the recent gold rally after Russia's 2022 invasion of Ukraine.
  • Reserve managers fear foreign-exchange assets can be frozen, so they mechanically increase gold holdings regardless of price.
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