Gold just took out new all-time highs this week. It has now eclipsed the previous peak last seen in the summer of 2011. Following that previous high it fell more than 45% before a strong rebound over the past couple of years. In 2020 alone, gold is now up around 30% and that’s following a gain of nearly 18% in 2019. What’s the cause here other than a pandemic which threatens to change the world as we know it? Some thoughts: Real interest rates are falling. This makes the most intuitive sense. Gold doesn’t yield anything because it doesn’t produce any income or profits. But bond yields in developed countries across ... (full story)