Echo of the 1970s Gold Spike – Today’s Rally Isn’t Just About Demand, It’s About Distrust

I’ll give credit where it’s due: the Goldman Sachs analyst, Lina Thomas, isn’t entirely off the mark here. Yes, the demand for gold is real. Yes, central banks are buying it like there’s no tomorrow. And yes, private investors are waking up to the idea that this financial system might not be as sturdy as we’ve all been told. But let’s not pretend this is some smooth, rational, purely economic story. What’s really behind this gold rally isn’t just a “normalization of allocation.” It’s fear. Not panic in the street—yet—but deep, simmering distrust. Distrust in central banks. Distrust in governments. Distrust in the U.S. dollar. This isn’t just about Fed rate cuts. This is about what’s happening behind those rate…