The price of gold is at an all-time high, fueled by the unchecked spread of Covid-19 in the U.S. and deepening tensions at home and abroad.
In the morning of Asian trading hours on Monday, spot gold traded at about $1,931.11 per ounce after earlier trading as high as $1,943.9275 per ounce. Those levels eclipsed the previous record high price set in September 2011.
In a note circulated before the new highs, Commonwealth Bank of Australia’s Vivek Dhar said the fall in U.S. 10-year real yields has been the “most important driver.”
Meanwhile, Johan Jooste of The Global CIO Office told CNBC’s “Street Signs” on Monday that there’s a “horrible feeling of chasing it a bit after the fact” if investors enter the gold market now.
Gold doesn't pay dividends or bear interest, but interest rates are near zero and the economy is in ruins, so... Go Go Gadget Gold. Prices are up 28%. CNN posted this chart, drawn by Julia Horowitz:
Also alarming is President Trump's coy disinclination to leave office as November's general election approaches.
