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Gold surge adds glitter to tarnished miners
By Edward Chancellor
Reuters
Thursday, October 31, 2024
LONDON -- "All roads lead to inflation," Paul Tudor Jones recently told CNBC. The veteran hedge fund manager believes government debt is on an unsustainable path and is therefore buying bitcoin, gold and other commodities.
Right on cue, the gold price hit a record high this week. Bullion has gained nearly 35% since January. Shares in gold miners are up by around the same amount. Despite their recent run, the miners appear a more attractive inflation hedge than the lustrous metal they produce.
... Dispatch continues below ...
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Anyone acquainted with the industry might find that hard to believe. Historically, gold miners have offered remarkably poor protection against rising prices.
Over the past three decades the index of U.S. consumer prices more than doubled and the price of gold rose sixfold. Over the same period, the Philadelphia Gold and Silver Index of listed miners climbed by about 40%. The mining benchmark remains well below its peak in 2011. Since that date U.S. prices and bullion have risen by 33% and 55%, respectively. ...
... For the remainder of the commentary:
https://www.reuters.com/breakingviews/gold-surge-adds-glitter-tarnished-miners-2024-11-01/
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