Every few years, a particular asset captures investors’ imagination. Lately, that asset has been gold. Over the past two years, its performance has been strong — more than doubling in price. Naturally, headlines are glowing, pundits are confident, and cocktail conversations are filled with “should I buy gold?” questions. This is nothing new. Every few years there’s a new “must-own” investment — the one everyone suddenly believes can’t lose. The trouble is, by the time the crowd notices, much of the opportunity has usually passed and the risks are elevated. Why the Rush? Gold’s recent run is impressive. From October 2023 to October 2024, it climbed nearly 40%. Then, it tacked on another 49% the following year. In total, it’s been a remarkable two-year stretch. With those kinds of numbers, it’s easy to see why interest has spiked. Online searches for “investing in gold” have tripled over the last year. But this pattern of enthusiasm follows a familiar rhythm: prices rise, attention grows, new buyers rush in, and the story feeds on itself. Investors often describe this as “momentum”, but momentum can quickly become herding