Gold: why is its value breaking records?
Why, in the age of cryptocurrencies and the end of cash, are we turning to gold? Here are three things to understand.
The value of gold is breaking records and remains as fascinating as ever because it is a symbol of wealth and promises to be a sign of power for a long time to come. The first piece of news is that gold is breaking new records because it is the ultimate safe haven. With each crisis, it reaches a new peak: the debt crisis, the COVID crisis, and now Trump and the trade war. Gold has symbolized wealth for five millennia, when the Egyptians covered their sarcophagi with gold, and until 1971, each US dollar could be exchanged for its equivalent in gold, a little less than one gram.
Gold remains an attribute of political power today. All central banks around the world have significant gold reserves. China is buying gold on a massive scale, driving up its price. In total, central banks now hold more than 35,800 tons of gold.
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