Gold approaching $3,000 an ounce is priced so far ahead of inflation that the yellow metal is unlikely to produce a positive real (inflation-adjusted) return in coming years. That’s the implication of research from Campbell Harvey,

The price of gold has been bursting through records in the first month of Mr. Trump’s second term, recently trading at more than $2,900 per troy ounce. It is up about 12 percent already this year, on top of a 27 percent gain last year. Many strategists are upgrading their forecasts, predicting more gains ahead.

"Gold just took off like a rocket ship in the last few months," one local merchant said. "We're all along for the ride."