Gold's 70% surge in 2024 was unusual because it occurred without hyperinflation, market crisis, or low interest rates—the traditional drivers; instead, it reflects a subset of investors (gold bugs plus institutional players like Ray Dalio and Jamie Dimon) having lost trust in financial assets and expecting catastrophe.
causalpending
Speaker
Aswath DamodaranEvidence Quote
“Last year, inflation actually came down... And gold was up 70%. So, I've been wrestling with how do you explain the rise of gold in a year in which you didn't see hyperinflation, you didn't see any real crises play out in markets.”
Source
Aswath Damodaran: I Am More Cautious Than Ever— The Master Investor Podcast with Wilfred FrostCreated: 8/12/2026, 6:41:25 PM
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