FT Edit
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Welcome to FT Edit! When the news is overwhelming, we bring you eight stories a day, chosen by editors, offering clarity, fresh perspectives, insight and inspiration — plus some extra treats! Explore more at www.ft.com/ftedit or, if you're reading on iOS, find us on the FT app: on.ft.com/44SHfGA
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Goldman Sachs raised its target gold price today to $4,900 per troy ounce (31g) as investors continue to pile in. But some experts are warning that the rally looks “parabolic” — rapid, exponential and driven by FOMO rather than intrinsic value.
Quote graphic on a beige background with text reading: “There’s nothing magical about the number $4,000 – the path continues northward.” — Michael Haigh, Commodities research, Société Générale.
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Central banks are also fueling the rally, buying about 1,000 tonnes of gold a year for the past three years as they try to diversify away from the US dollar.

🎧 While we're on the subject, listen to our brilliant Unhedged podcast 👉 on.ft.com/48SC2AI
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Of course, there is no shortage of either as we enter the final months of 2025. Investors are worried about inflation, soaring debt levels and the US government shutdown.
Quote graphic on a beige background with text reading: “When you have such a supply of debt ... it’s natural to go to an alternative storehold of wealth. Gold is the most fundamental of those.” — Ray Dalio, Hedge fund founder.
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Previous gold price milestones have come at times of chaos or uncertainty:

$1,000 💰 Global financial crisis
$2,000 💰 Covid pandemic
$3,000 💰 Trump tariffs
Line chart titled “Gold’s historic rally,” showing the gold price in US dollars per troy ounce from 2002 to 2025. The chart, sourced from LSEG via markets.ft.com, displays a sharp upward surge in recent years, with prices surpassing $3,000 per ounce by 2025.
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Early this morning, gold hit a “historic milestone” as it climbed above $4,000 a troy ounce for the first time. Gold prices have already risen by more than 50% this year.

What’s driving this record run? An #FTEdit 🧵
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But analysts warn of an AI bubble. OpenAI is set to lose billions of dollars a year. If AI does not keep growing exponentially, and if Sam Altman cannot turn a profit, the investor enthusiasm that has boosted these big deals could quickly falter.
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Many of the deals are circular and have given an immediate share price boost to the start-up’s partners. For example, Nvidia plans to invest $100bn in OpenAI over the next decade, providing OpenAI with cash to buy Nvidia’s chips.
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From Microsoft to Meta, Amazon to Anthropic, some of the world’s biggest tech groups have signed up to OpenAI founder Sam Altman's huge bet on artificial intelligence. The deals total near $1tn — even as OpenAI burns through cash.
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OpenAI is spending at a scale that even Silicon Valley can't quite believe, buying up 20 nuclear reactors' worth of computing power this year. But there are big questions around whether it can turn that power into profit.

An #FTEdit 🧵on the ChatGPT maker’s $1tn bet on artificial intelligence 👇