Gold prices moved sharply in late January 2026, surging past $5,500 before dropping 11% in a day. The swing ranks among the largest single-day moves in decades.

In the latest episode of Through the Noise, Prof Campbell Harvey explains the trading dynamics behind the reversal, showing why the episode reflects a rapid correction following an extreme run-up rather than a change in underlying fundamentals.

The discussion traces how retail buying, institutional momentum strategies, leverage, and margin calls reinforced one another on the way up and again on the way down.

Cam also addresses claims linking the drop to Federal Reserve leadership news, explaining why that story misses the timing and scale of the move.

The analysis focuses on how trading dynamics, not new information, drove the reversal.

Why have gold prices hit an all-time high, and what’s driving demand for gold now?

In this episode of Cam Harvey: Through the Noise, Duke Fuqua finance professor Campbell Harvey explains the forces behind the recent surge in gold prices. Cam breaks down why gold supply is uniquely constrained, how its decentralized global production supports its role as a safe haven asset, and why gold has preserved purchasing power over thousands of years despite periods of significant volatility.

The discussion then turns to demand. Cam examines how the weaponization of the U.S. dollar, growing geopolitical risk, and rising concerns about U.S. debt and fiscal sustainability are leading central banks and governments to reduce reliance on dollar-based assets. As countries look to diversify reserves, gold has increasingly moved to the top of the list.

In this episode of Cam Harvey: Through the Noise, Duke Fuqua finance professor Campbell Harvey joins Assistant Dean Robert Olinger to clarify how interest rates are determined, and why long-term rates matter far more for the economy than short-term moves by the Federal Reserve.

Cam argues that today’s rate environment is shaped less by Fed policy and more by deep structural forces. From rising U.S. government debt and shifting global capital flows to inflation expectations and AI-driven investment, these pressures are pushing long-term rates higher and limiting how much economic impact policy rate cuts can deliver.