The FOMO-fueled gold bubble may now be turning into a ‘mini-bust,’ analysts say

Gold prices continued to decline Monday while stocks galloped to fresh record territory, stirring doubts about the precious metal’s massive rally.

Until a few weeks ago, gold looked unstoppable as it blew through record high after record high and at one point was up more than 60% for the year. But since peaking earlier this month, prices are down 9%, hovering around $4,000 per ounce.

Some on Wall Street tried to explain the surge in gold demand by citing the desire to shift...