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Soaring gold becomes top 'Trump trade'
And Barrick Gold CEO Mark Bristow acknowledges that gold isn't just money but the only reserve currency.
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By Leslie Hook and Ian Smith
Financial Times, London
Sunday, February 16, 2025
Gold has become the best performing "Trump trade" in recent weeks, outperforming other major asset classes since the U.S. president's inauguration, as fears of a trade war and a potential hit to global growth fuel demand for the haven metal.
Bullion has risen in price every week this year as Trump starts to impose sweeping tariffs, and hit a new record of $2,942.70 per troy ounce this week. It has surged almost 7% since before the January 20 inauguration despite slipping on Friday.
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In contrast, Wall Street's S&P 500 stocks index has risen less than 2%, while other popular Trump trades such as bets on a stronger dollar, higher Treasury yields, or bitcoin have backfired.
"When trade contracts, gold takes off," said James Steel, precious metals analyst at HSBC, pointing to previous examples during the Covid pandemic and the global financial crisis.
"The more tariffs that go on, the more this is going to disrupt world trade, and the better it will be for gold," he added. ...
Mark Bristow, chief executive of mining company Barrick Gold, said the "chaos across the globe" has helped fuel investor demand for gold as a safe haven.
"Very clearly the market is telling you there is only one reserve currency in this world, and that is the one politicians can't print -- and that is gold," he said. ...
... For the remainder of the report:
https://www.ft.com/content/fb53df86-c6f0-4550-ab84-222b3a6282f4
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GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
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