Why have gold prices hit an all-time high, and what’s driving demand for gold now?

In this episode of Cam Harvey: Through the Noise, Duke Fuqua finance professor Campbell Harvey explains the forces behind the recent surge in gold prices. Cam breaks down why gold supply is uniquely constrained, how its decentralized global production supports its role as a safe haven asset, and why gold has preserved purchasing power over thousands of years despite periods of significant volatility.

The discussion then turns to demand. Cam examines how the weaponization of the U.S. dollar, growing geopolitical risk, and rising concerns about U.S. debt and fiscal sustainability are leading central banks and governments to reduce reliance on dollar-based assets. As countries look to diversify reserves, gold has increasingly moved to the top of the list.