Why is everyone buying gold?

The podcast episode, featuring hosts Adrian Ma, Darian Woods, and Waylon Wong, begins by acknowledging that it is NPR's first day without federal funding in over 50 years, with Darian Woods expressing pride in NPR's role. The main segment, hosted by Darian Woods and guest Ricky Mulvey, delves into the recent surge in gold prices, which has defied expectations given cooling inflation. They discuss three primary drivers: de-dollarization, with central banks like Russia and China increasing gold reserves due to concerns about the U.S. dollar's weaponization; new Chinese regulations allowing insurance companies to hold up to 1% of reserves in gold; and speculative buying, partly driven by anticipation of potential Basel III rule changes that could classify gold as a high-quality liquid asset for commercial banks. The hosts and guest, Campbell Harvey, emphasize that the limited supply of gold amplifies these demand shocks, while also noting gold's long-term historical stability in value over centuries.