Can Gold Prices Keep Rising? Depends if You Think This Time Is Different.

Will it be third time lucky for gold? The yellow metal is having its third breakout in the past 50 years, and the last two times proved an expensive bust. The logic for gold making even more money after its super-soaraway year is simple: This time is different.

Those have proved dangerous words for investors in stocks, bonds and currencies since professors Carmen Reinhart and Ken Rogoff used them for the title of a book whose subtitle gives away the plot: “Eight centuries of financial folly.”