Safe haven: Gold bars in Munich, Germany. The price of the metal is rising even though it offers no returns and is expensive to store. — Reuters
MARKETS always look their very best at the top – that’s increasingly the case with gold as it nears US$3,000 a troy ounce.
It’s behaving like a Veblen good, an item for which, contrary to the laws of economics, demand increases with price. Can the momentum be sustained?
Uh-oh! Daily quota reached.
