2025 was the year of gold: record prices, soaring miners, and plenty of FOMO. Sean Aylmer talks to Morningstar equity market strategist Lachlan Halloway about what drives gold cycles, what history tells us after big peaks, and why Morningstar’s long-run gold price forecast sits well below today’s levels. Lachlan also explains what “peak frenzy” looks like, and whether there’s any value left in gold miners.

This is Fear & Greed's summer series - all-new short episodes every day, with regular business news back from January 12. All information is general in nature. If you want to invest, we recommend you visit a financial advisor who can tailor investments to your needs.