Peter Palmedo, a portfolio manager based in Sun Valley, Idaho, has something even better than a flagship fund that profited mightily from the rise in gold: the right to say “I told you so.”

“One of my prize possessions,” he taunts an FT writer, “is a framed copy of the issue of the Financial Times from December 1997 with the headline ‘The death of gold’. That was basically the momentum low for gold over the last 20 years.”