Markets

Osaka, 1730. The practice of agreeing a price for rice in advance is said to have begun beside a Japanese river.

One bulb worth a house. Widespread bankruptcy and a country brought to its knees. Much of the story may be a later embellishment.

Whenever major financial institutions predict higher gold prices, the market stirs. Why has gold repeatedly been chosen as a last refuge? We follow the history and psychology behind forecasts, rather than making one.

Each surge in a chip company's share price makes markets feel reassured that the AI age has arrived. But is the thermometer measuring the economy, or the heat of our expectations?