Gold is seeing greater support from safe-haven demand after currency devaluations across Asia added to investment demand for a better store of value than paper currencies or stocks and bonds.
“Slowing growth also is eroding the strength of the dollar, boosting the appeal of alternative asserts, including gold. And as the pessimistic outlook decreases the odds of increases for U.S. interest rates, which were near zero percent for seven years, bullion becomes more competitive against interest-bearing bonds. All that adds up to money pouring into the precious metals,” according to Bloomberg.
SPDR Gold Shares
Tom Lydon’s clients own shares of GLD.