Costco customers, central banks, and other investors have been buying gold like it’s 1849, but analysts are struggling to understand why—or figure out when the run will end. The latest rally on Tuesday saw gold rise as high as $2,466.27 per ounce, surging past the previous record set in late May and rising over 23% from its 52-day low in February. Gold futures set an all-time high by rising above $2,740, as did the metal’s largest ETF, SPDR Gold Shares, with prices approaching the $228 mark.
