Gold hasn’t rallied this much since 1979

Kenneth Pack invested in gold for the first time in April to shield himself from what he saw as the disorder of the new Trump administration. The chaos trade was just heating up.

- David Uberti & Ben Eisen

Even after the stock market recovered and then some from Trump's "Liberation Day" confusion, investors such as Pack have kept plowing money into the precious metal. The Nevada retiree plans to keep holding precious metals and stocks linked to them, which comprise 17% of his portfolio.

His reasons include the stop-and-start policy rollouts that have at times included several tariff changes in a day.

"Strangeness seems to be the new norm," Pack said.

A modern-day gold rush is stretching from Costco store aisles to underground vaults in London to the flickering screens of Wall Street. Old jewelry now glimmers with potential

dollar THE WALL STREET JOURNAL. signs.

Gold's value has ballooned by 39% this year, putting it on track for a greater annual price jump than during the depths of the Covid pandemic or 2007-09 recession, according to Dow Jones Market Data. Futures for the precious metal haven't surged so much in a year since 1979, when a global energy crisis fueled an inflationary shock that thrashed the world's economy.

These days, it isn't a financial meltdown that is drawing people to one of the original market refuges. The recent run-up to record prices-reaching $3,649.40 a troy ounce on Fridayinstead stems in part from the White House, with investors big and small rushing to shield themselves from an uncertain outlook for the U.S. economy and its role in the world.