Kepler Partners' Josef Licsauer: Ways to play the gold rally

Hitting all-time highs

Gold is once again in the spotlight, surpassing $3,100 per ounce this week.

Its latest rally has reignited investor interest – not just as a safe haven but because it seems increasingly untethered from traditional drivers. Typically, falling inflation, rising bond yields and a strong US dollar would temper its ascent. Yet gold has continued to climb. For some, this signals a golden opportunity, much like King Midas' fabled touch. For others, gold's rise risks becoming Icarus, flying too close to the sun before an inevitable fall. Gold's drivers Gold's role as a crisis hedge is nothing new. In 2024, it proved its mettle once again, posting strong gains an...