Gold Reaching 8-Year Highs
Infections throughout the US are leading investors back into the safe haven zone. Gold futures have already surged 1.5% on Monday and August delivery contracts have reached $1,779/ounce at intraday highs - gold’s highest level since 2012.
Indeed, for good reason. Florida has recorded three days in a row of record-high case counts, with North Carolina, Texas, and Arizona boasting similar data.
Investors are expecting a weaker dollar to boost gold even further in the near future, following financial expert opinions. Stephen Roach, the former chairman at Morgan Stanley Asia, had already cautioned that given the increase in US debt and worrisome trade relationships, the currency is bound to collapse. Given the inverse relationship between the USD and gold - it seems the commodity may be prone to a truly historical comeback.
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