Gold’s ‘semi-rational’ run gives Wall Street vertigo

WALL STREET HAS finally capitulated to gold's record-breaking run.

- SHULI REN

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon's reluctant endorsement was the inflection point."This is one of the few times in my life it's semi-rational to have some in your portfolio," said Dimon, adding that he was not a buyer, because "it costs 4% to own it," referring what he could have earned in money markets instead. Gold's relentless rise this year has caught a lot of professionals off guard.According to the latest Bank of America Merrill Lynch money manager survey, a whopping 39% have no holdings, thereby missing out on the bull market.