Is the media ignoring gold’s move? Looks like it
Despite gold’s record-breaking rally, the media is writing fewer stories on the precious metal
Reporting on gold spiked for a few months in 2020 and again in late 2021 and early 2022, but since then, fewer stories have been published as the precious metal continues its rally to all-time highs.
According to a chart published by the World Gold Council, gold posted 39 new all-time highs in 2024, the third-most in its trading history, but failed to capture the imagination of media outlets while doing so.
“These may be throwaway statistics to some, but they often matter in driving media coverage and sentiment: Who doesn’t like reading about records being broken?” said Johan Palmberg, senior quantitative analyst at World Gold Council. “But, there are some noteworthy differences. For one, previous record-setting years have been accompanied by strong investment demand. Gold ETF inflows in Western markets are very late to the party this year, and retail investment demand has not picked up much either.”
Palmberg also noted that the media’s fervor is not nearly as noticeable as the volatile times of 2020.
“Perhaps … this time, sentiment has not gotten carried away,” he said.
Peter Schiff called it
Well-known gold investor Peter Schiff, co-founder of Echelon Wealth Partners, posted to Facebook last month, “CNBC rarely mentions #gold, even as its price keeps hitting record highs. But when they do, they get it wrong. They attribute gold’s rise to geopolitical risks and its safe-haven status. Gold is rising because major central banks, led by the #Fed, are creating so much #inflation.”
Dating back to 2023, Schiff has made comments critical of CNBC and its coverage of the precious metals market. Schiff, once a CNBC regular contributor in the 2010s, has also claimed to have been banned from appearing on the network.
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