Is it too late to buy gold!?

·34 min·3 clips

Is it too late to buy gold? Gemma Dale reveals why big banks are suddenly recommending 20% allocations.

This episode of The Money Puzzle explores the recent dramatic surge in gold prices and whether it's too late for investors to buy in. Host James Kirby is joined by Gemma Dale, head of investor behavior at the online broker Naptrade, to analyze the trend. Gold bullion is up roughly 50% this year, a rally not seen since the late 1970s. Traditionally viewed as a defensive hedge, gold is now rising alongside a booming stock market driven by AI, which contradicts historical patterns. Institutional portfolios have typically allocated little to no gold, often citing its lack of income and difficulty in drawing down during retirement. The advent of gold ETFs, like the world's first launched in Australia, improved liquidity and gained credibility after gold held its value during the 2008 financial crisis. Major investment banks like J.P. Morgan and Bank of America are now forecasting gold could reach $5000, with Morgan Stanley even suggesting a 20% portfolio allocation. Central bank buying, geopolitical risk, and a search for safety away from the US dollar are cited as key drivers for the price increase. Gemma Dale reveals Naptrade data shows a 200% uplift in trading volume for a major gold ETF, with increases in both the number of trades and the number of people buying. The most popular equity plays are miners Northern Star and Evolution Mining. The sight of public queues to buy physical gold may reflect cultural affinity, FOMO, or a desire for a tangible safe-haven asset. Kirby notes that unlike gold, Bitcoin has not kept pace during this bull run, and some US Bitcoin operators have been buying gold mines. A key risk with gold miners is their operational variability and potential for poor hedging decisions, which adds to the appeal of diversified ETFs. The conversation is analytical and investigative, blending market data with behavioral insights. The tone is conversational yet educational, grounded in practical investment experience. This episode is ideal for self-directed investors curious about gold's rally and seeking specific data on how others are gaining exposure. Listeners looking for definitive buy/sell advice or those uninterested in commodity markets might skip it.

As heard by us

Gold's surge gets a practical, slightly skeptical check rather than a hype cycle.

Gold's surge is the main draw, but the stronger point here is the way it frames investor nerves when familiar safe havens start to feel less certain.

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Why you'd press play

You want a sane read on gold after a very sharp and very public run.

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