Gold is heading into year-end having delivered one of its strongest multi-year performances in modern history. Prices are up more than 60% this year alone and more than 110% over the past two years combined, placing gold firmly at the centre of global asset allocation discussions once again. While the magnitude of the move has surprised many, the foundations for this rally were laid several years ago and reflect a profound shift in the macro, geopolitical, and institutional backdrop for gold. Some observers trace the origins of the current gold bull market back to 2020, when the outbreak of Covid triggered aggressive ... (full story)