Mark Moss argues gold's recent surge isn't about inflation but about collapsing trust. Gold prices stayed flat from 2020 to 2024 despite massive money printing, then rose as inflation fell. Countries are buying gold now because they no longer trust each other or the system.
If you look at the chart of gold and you just zoom out a second, you see a different picture. From 2020 to 2024, the gold price didn't go anywhere. And during that time, we saw more debasement than we've ever seen in history. The highest inflation we'd seen in multiple decades. But yet the price of gold did not move at all. Why is gold moving now, though? Right now, inflation is extremely low. And to me, the answer really comes down to, as you said, trust. And I think that's the biggest thing. So what we see is massive geopolitical distrust. All the violence we're seeing on the streets of individual people all the way up to nation states who can't trust each other anymore. Every nation has been scrambling not to find a new currency, but a way that they could hold their value and have trust.
