Hey everyone, it's Adrian Ma here with Darian Woods and Waylon Wong.

Before we start, we just wanted to say that this is the first day MPR has gone without federal funding in over 50 years.

To me, NPR has always been a jewel in America's crown, like something that I'm proud to keep protecting even after the federal funding has stopped.

Here on the indicator, we're going to keep reporting and explaining the economy so all our listeners can better understand the forces making the world go around.

Thank you for listening and on with the show.

NPR.

Music NPR. This is the indicator from planet money.

I'm Darren Woods.

And today I'm joined by financial podcaster, former co-host of Motley Full Money, Ricky Mulvey.

Hey, Darren.

Good to see it.

Likewise. And you are here to talk about gold.

Yeah, because gold has been a real economic mystery to me.

You know, think back to the pandemic, where inflation is really shooting up, and gold moved

a little, but not a lot.

And that's what's kind of supposed to happen.

It's supposed to be an inflation hedge.

But as we've seen over the past 12 months, inflation is cooled and yet gold has been on a tear.

It's not what we would expect on the face of it. So it's been beating the major stock indexes.

And they represent huge companies that build things and are making money versus a metal

just kind of sits there. Even though it looks nice. Today on the show, what's causing this

gold rush, how the war in Ukraine is playing a role, the surprising new buyers bidding up the

...