What’s this — another story in the Financial Times about how central banks are buying gold? It seems like only yesterday that it was our burden to record all the derision from the FT about the idea that there might be a logic to bringing back a role for gold in the monetary system. At one point, the FT had the president of the World Bank, Robert Zoellick, write a piece suggesting a role for gold. Then it promptly denounced him for the heresy.

Now comes one of the FT’s own opinion columnists, Ruchir Sharma, marking the news that “central banks are buying more tons of gold now than at any time since data begins in 1950.” Mr. Sharma, the head of Rockefeller Capital Management’s international business, writes that “the oldest and most traditional of assets, gold,” is serving now as “a vehicle of central bank revolt against the dollar.”