Right-wing media outlets, from MAGA and white evangelical to libertarian, are full of ads for gold. Many libertarians believe that gold will be a safe haven during a financial crisis or a devaluation of the U.S. dollar, and trends forecaster Gerald Celente has said many times that he is "thoroughly invested in gold."
But during a Wednesday morning, October 8 conversation on CNN, host John Berman and his colleague Matt Egan warned that a gold surge could spell trouble for the U.S. economy.
When Berman observed that gold prices are on the rise, Egan responded, "It's been just a gangbusters year for gold. And normally, that is not a good sign about the state of affairs in the world. Right? Gold is where investors go not when they're feeling good, but when they feel like the world is on fire."
Egan noted that in 2025, gold may experience its biggest surge since 1979 — a year in which the U.S. was plagued by deep, painful hyperinflation — and added that billionaire hedge fund investor Ken Griffin "said it's really concerning that there's been this move away from the dollar and into gold because it's, in some ways, an indictment of the U.S. dollar."
Describing gold's performance in 2025, Egan told Berman, "We are talking about historic gains."
"Look, they're talking about bigger gains this year than after 9/11," Egan explained. "After the 2008 financial crisis, after COVID, bigger than even during the inflation crisis under President Biden. In fact, this 52 percent gain so far this year puts gold on track for its best year since 1979. And keep in mind, that was a time when there was double- digit inflation in the United States and a global energy crisis, right?"
Egan continued, "So it's just truly stunning. It what's unusual is the fact that gold is going up, even as the stock market is booming as well."