Billionaire investor David Einhorn shares an overlooked theory...

Billionaire investor David Einhorn shares an overlooked theory for why gold prices have spiked so much..
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Gold has had a record-setting year so far in 2024.

That being said, the commodity's sudden surge may come as a surprise. That's because the macro environment was supposed to create headwinds to gold's price appreciation, as the Federal Reserve's higher-for-longer interest rate stance typically makes other investments like bonds and saving accounts more appealing compared to the metal, as it's not a yield-bearing asset.

To explain the strong run for gold, billionaire investor David Einhorn offered a potential theory in his latest letter to investors published this week.

"While it's possible the advance was related to the market beginning to doubt the sustainability and wisdom of both monetary and fiscal policies, other indicia suggest that this was not the case," Einhorn said in the letter.