Gold continues its extraordinary price rally, having reached 48 all-time highs this year.2 Geopolitical tensions, strong investment demand, dollar weakness, financial market risk and expectations of dovish Fed policy lifted international prices by 11.6% in September and by an additional 7.9% in the first two weeks of October, pushing past the US$4,000/oz milestone. Notably, the surge from $3,500 to $4,000 occurred in just 36 days, a stark contrast to the previous $500/oz increments, which took over three years on average. International gold prices have surged by 58% y-t-d, marking the largest increase in 45 years. ... (full story)