After a blistering rally that pushed it to record highs, gold has now fallen for the third day running amid investors’ concerns over an overheating market. So, is it the end of this incredible valuation surge, which has driven up the yellow metal over 60 per cent this year?

The rally

To answer that, let’s look at how the current rally has panned out, demolishing some well-established economic tenets along the way.

One, gold’s parabolic valuation increase comes at a time when other markets are also simultaneously surging – shares, crypto, meme stocks, benchmark currencies, etc. In fact, such has been the pace of this rally that gold has outperformed stocks in what is decidedly a bull market in the US, driven by turbocharged AI optimism.

According to analysts, there are other correla

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