The Globe and Mail reports in its Saturday, July 18, edition that as gold's price dips below $4,000 an ounce, down 30 per cent from January's high, it is losing its allure for momentum investors. The Globe's David Berman writes that this shift could be beneficial, as it signals gold's return to its role as a hedge against calamity. Gold blasted through $3,000 an ounce in March, 2025, then $4,000 in October, then $5,000 in January, 2026, when it surged to an intraday high of $5,626.80 an ounce. Suddenly, it looked like everyone was a gold bug. Analysts at Deutsche Bank and JPMorgan, among others, expected gold to break through $6,000 an ounce next as the party rocked on. Instead, the rally has faded in a big way, suggesting that the price of gold behaved like an overpopular stock that felt the pull of gravity. The price has fallen more than $1,600 from its highs near the start of the year. At a level just below $4,000 an ounce early Friday, gold is now trading at nine-month lows. By the looks of it, investors have moved on. Now that interest in the asset is cooling, Mr. Berman says the metal looks more appealing as a safe haven investment rather than a to-the-moon momentum play.