🏆 The Yellow Devil on Costco’s Shelves
🔺 Gold is back in the spotlight — and the déjà vu is hard to miss. Today’s market looks painfully similar to 2011, when the previous gold bubble was forming at the peak of the 15-year cycle. Yes, this cycle feels bigger — the system was flooded with COVID-era liquidity. But that hardly guarantees a different ending. Market history loves to rhyme, and gold is no exception.
🔺 Just three years ago, gold was drifting around $1,600, and the consensus was simple: “dead weight.” Today, the gold bar has become almost a mandatory portfolio asset — and that, in itself, is a warning sign. Gold should be bought only when nobody wants it. When every second investor is piling in, it’s hardly the right entry point for anyone with a horizon shorter than a decade.
🔺 Perhaps the clearest sign of overheating is that Costco is selling gold bars. It’s a textbook symbol of mass-market frenzy, bordering on the absurd. And it looks especially strange against today’s interest rates: the rational choice for investors is between gold at all-time highs — which yields nothing and doesn’t truly hedge risk — and U.S. Treasuries offering 4–5% with minimal capital threat.
🔺 Yet the crowd once again chooses the former, ignoring the latter. Gold has turned into a religion. Which makes it look less like a safe haven, and more like a trap. Markets still reward skeptics, not followers of herd instinct.
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