History Repeats Itself: Why This Week’s Gold Frenzy Feels Like the California Gold Rush of 1849
As the price of gold surged past record highs this week, a new generation of prospectors—this time armed with trading apps and Twitter bots—is echoing the manic energy of the 1849 California Gold Rush. Just like then, ordinary people are abandoning steady jobs to chase a gleaming mirage, while a select few insiders are cashing in before the inevitable bust. The historical pattern of boom-and-bust, driven by fear of missing out and a collective belief in a quick fortune, is already playing out on social media, with “gold fever” hashtags trending alongside tales of leveraged losses. Don’t let the glitter distract you from the crash that always follows.