Gold is on the rise, and so is the typical gold-standard nostalgia that has erupted every time price inflation, banking crises, and/or debt concerns have reappeared after the fall of the Bretton Woods gold-exchange standard in 1971. Certainly, the precious metal’s ascent, as usual, is signaling that all is not well.Earlier this year, the precious metal soared past $2500 an ounce to all-time price highs, making it one of the best-performing assets of 2024, following a price gain of 13 percent in 2023—the result of persistent economic as well as geopolitical uncertainties. More interestingly, perhaps, the World Gold Council reports that central banks have been the precious metal’s most aggressive buyers, purchasing 1,037 tons of gold in 2023 alone—the second highest annual purchase in

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