Investing in gold, like investing virtually anywhere these days, is trickier than usual. Uncertainty, which we’ve had plenty of, is a boon for gold, but that alone doesn’t make for a sustained price rally. Last week, a triple whammy of anxiety—Hurricane Harvey, North Korea’s missile test over Japan, and a weaker dollar—drove gold prices to an 11-month high of $1,326 per ounce.

Recently, gold has been rising when some news event sparks alarm, but then it falls nearly as quickly. RBC Capital Markets’ Christopher Louney, borrowing a Clinton campaign catchphrase that never quite landed, forecast a “trumped-up, trickle-down” price pattern for the yellow metal back in February, due to factors working both for and against gold…
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