Gold prices are up more than 40% this year, on track for their best year since 1979—when a global energy crisis fueled an inflationary shock that thrashed the world economy.

And while it's a very different economy today, with stocks hitting record highs on the S&P 500 and Nasdaq, gold serves as a form of insurance for a diversified investor, particularly when facing risks such as inflation, government debt, war, and questions about the Federal Reserve’s independence under President Trump.

This week on our columnists roundtable, editor Alex Frangos and markets reporter Chelsey Dulaney are joined by senior markets columnist James Mackintosh and chief economics commentator Greg Ip to discuss what’s driving a new rush to gold, how the yellow metal compares to Bitcoin as an inflation hedge and whether it's worth buying in, through the SPDR Gold Trust ETF or by picking up gold bars at Costco.

Further Reading

Why You Should Own (Some) Gold

Gold Hasn’t Rallied This Much Since 1979

The Costco Shoppers Putting $2,000 Gold Bars in Their Carts

Gold Miners Eschew Hedging to Lap Up Sky-High Prices

A Historic Gold Rush Is Under Way, From Wall Street to Main Street

For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on the Street Column and WSJ’s Live Markets blog.

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