When gold prices slumped in 2015, Jason Zweig, the Wall Street Journal columnist behind The Intelligent Investor column, said, “Let’s Be Honest About Gold: It’s a Pet Rock.” It was one of the most quoted lines in financial journalism that year.
His point was simple: gold offers emotional comfort but no productive return. It does not earn dividends, pay interest, or generate profits. Its price fluctuates based on belief and fear.
In mid-October 2025, gold has surpassed $4,000 an ounce. Stubborn inflation, renewed trade tensions, and record central bank bullion purchases are the primary drivers. Is Zweig’s metaphor still valid?
What has changed since 2015
In 2015, gold was falling and inflation was low. In 2025, inflation has surged, government debt has ballooned, and geopolitical risks have multiplied. These shifts have revived demand for tangible stores of value.
Central banks, especially in Asia, are increasing gold reserves in a strategic move toward reserve diversification and away from dependence on the U.S. dollar. Goldman Sachs forecasts prices could reach $4,900 by late 2026. Bridgewater Associates founder Ray Dalio has suggested holding up to 15% of a portfolio in gold, according to Investopedia.
Gold is no longer seen only as a fear-driven refuge. For many investors and institutions, it has become part of a broader diversification strategy and a practical response to instability rather than a purely emotional one.
Investors turn to gold again
As more people seek ways to protect their savings from inflation and market fluctuations, many want trusted advice before adding gold to their portfolios. With more than 25 years of experience and over $3 billion in transactions, Lear Capital has helped more than 100,000 Americans strengthen their retirement with physical gold and silver.
Clients receive a free investor kit, access to real-time pricing, and a 24-hour risk-free purchase guarantee. Qualified buyers may also receive up to $15,000 in bonus metals and pay no trade fees for an entire year.
If you have at least $20,000 in savings or a qualified retirement account, Lear Capital can help you roll those assets into physical gold and silver for diversification and long-term protection.
Why Zweig’s warning still matters
Even at record highs, Zweig’s original point holds up. Gold still offers no income and moves mainly on sentiment, rising when fear grows and easing when confidence returns. What has changed is how investors use it.
Rather than treating gold as a cure for economic anxiety, many now see it as one part of a broader defensive strategy. It may not produce earnings, but its long history of preserving purchasing power gives it lasting appeal. The pet rock image captured emotion more than economics, and that emotion still explains why gold remains both a psychological comfort and a practical hedge.
What gold’s rise tells us now
Zweig’s skepticism remains relevant, but so does gold’s resilience. The metal still stirs emotion, but that emotion reflects something deeper about how people respond to uncertainty. Gold’s strength in 2025 is a reminder that stability has value of its own.
The pet rock metaphor captured how people feel about gold, not what gold is. Ten years later, its emotional pull still drives demand, but that pull no longer looks irrational. Used deliberately, gold can provide both psychological reassurance and practical balance when the future feels uncertain.
Making smarter investments
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