What could end gold’s gains?

In times of economic and geopolitical uncertainty, investors have traditionally turned to gold. Today, the asset’s rally is shaped less by hedging and more by structural demand and momentum, although one tends to be more durable and one more reflexive. Gold has also failed to behave as a reliable predictor of macroeconomic trouble, breaking many of its old relationships. Gold’s recent returns have veered off its usual script. In the past, gold has risen when real interest rates have fallen. But recently, the surge has been so strong, it has broken this trend. Its outperformance of bonds and...