First published at 05:28 UTC on July 28th, 2020.
Gold finished last week at $1,897 an ounce, marking an all-time record, beating out the previous apex, reached in 2011. Significantly, the record hit nine years ago was during another fraught time—in the aftermath of the financial crisis and the Gre…
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Gold finished last week at $1,897 an ounce, marking an all-time record, beating out the previous apex, reached in 2011. Significantly, the record hit nine years ago was during another fraught time—in the aftermath of the financial crisis and the Great Recession. Then, the new threat of the European sovereign debt mess seemed poised to push the world economy back into the mire.
Physical gold, and the exchange-traded funds and mutual funds that track it, are likely to keep on ascending for a while. As Mohamed El-Erian, chief economic adviser at Allianz, explained the phenomenon in a tweet last Friday, “The surge in gold continues this morning as more investors see it as one of the least unattractive risk mitigator—adding exposure to both tactical and strategic portfolios.”
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