Business
Gold rules in a world broken by COVID-19 – The Australian Financial Review
Owning gold is a no-brainer trade in an uncertain world of low growth, a wobbly US dollar, massive stimulus and negative real interest rates.
Currency traders talk about the US dollar smile theory. It states the US dollar does well in a global crisis or when the US economy is outperforming its major rivals.
Neither of those scenarios is playing out. There seems to be little to turn the US dollar’s frown upside down as long as COVID-19 threatens states like California and Texas, two of the world’s largest sub-national economies.
But gold is also gaining from the fact that the world’s major economies are beset by negative ‘real’ or in…
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