The price of gold is once again above 4,000 euros an ounce. That works out to roughly 128-130 euros per gram. An all-time record, and a mirror of everything - inflation, geopolitics, mistrust in paper currencies. Everyone is back to the old truth - when the world burns, gold gets heavy.

What is pushing prices up? Experts list the factors. Geopolitical tension - the US-Iran conflict, the war in Ukraine, possible Taiwan scenarios. Inflationary pressure - despite rate cuts in the EU and the US, core prices stay high. Central bank decisions - if the Fed or the ECB cut rates, gold becomes even more attractive. The dollar's trajectory - when the dollar weakens, gold rises.

The Balkans react in their own way. According to licensed dealers, in recent months people are increasingly buying investment gold - gold bars and coins as a form of saving. It is the sign of an old Balkan habit - when you do not trust the bank, you trust the metal.

Not all analysts are optimistic. Some warn - the market is unpredictable. The price can keep climbing, but it can also correct 5-10 percent in a matter of days. Those buying now, at an extremely high price, can lose - in the short and medium term. History has its examples - 1980, and 2011.

For Balkan households this is a symptom. When gold is over 4,000 euros, it means small savers are looking for ways to protect what they have. Denars get tucked away, euros get bought, gold bars come out of the safe. That is not a sign of progress - it is a sign of fear. And fear usually does not lie.

What comes next? It depends on the central banks and on geopolitics. If a major new conflict opens up, the price can easily push past 4,500 euros. If US-Iran and US-China relations calm down, a drop below 3,700 is also possible. Between these two scenarios, the Balkan saver travels with a gold bar up the sleeve.