The Gold FOMO Trade Is Too Late

When I can’t listen to a podcast without someone trying to sell me gold, when money managers tell me clients are jonesing for the shiny metal, and when friends call to ask what I think about buying it, I know without looking at a single chart that the price of gold has gone vertical and that FOMO has set in.

And wouldn’t you know, the price of gold has skyrocketed this year, in one of the biggest rallies since its price began to float freely in 1968. Predictably, Google searches for “how to buy gold” are at a record high. Net flows to US-based gold mutual funds and exchange-traded funds have topped $35 billion this year through September, according to Morningstar Inc., the largest nine-month haul since at least 2005.