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Why a tense world is betting on gold
By Carlo Boffa and Ben Munster
Politico, Washington
Tuesday, December 31, 2024
The days of navigating treacherous paths through the Rocky Mountains in search of a rich vein of the glittery good stuff might be over. But gold rushes still occur -- and we're in one right now.
As war, ideology, and protectionism divide the world into distinct blocs, developing countries in particular are hoarding bullion to prepare for the day when a global financial system dominated by the U.S. and Europe collapses, and a new one can take its place.
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That secular trend, which began a decade ago, has been turbocharged this year by more short-term factors, particularly the downward turn in world interest rates.
As a result, prices have marched from one record high to another, closing above $2,800 an ounce for the first time ever last week. This year alone, gold is up 35%, well ahead of the 20% rise in U.S. stocks and more than double what any European stock index can boast.
Goldman Sachs' Lina Thomas sees it breaching $3,000 by the end of next year. ...
... For the remainder of the report:
https://www.politico.eu/article/sign-impending-war-tense-world-bet-gold-bank/
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