Gold’s new highs have a downside
Why the yellow metal has been desirable for 7,000 years. And why it may be time to stop
Image by Victoria, Pixabay
This Week Those Books newsletter is chock-full of crucial context — from fiction and non-fiction — to the shouty, doomscroll news cycle.
Go to this link for a quick read.
The Big Story:
The price of gold is soaring to levels never seen before and it’s unclear how long this new rush to the yellow metal will last.
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It’s Diwali, a festival when many Hindus buy gold, though they’re wincing this year at the 50% rise to more than $4,000 an ounce.
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World Bank data shows that geopolitical instability is pushing central banks in Kazakhstan, Bulgaria, Indonesia, Poland, Turkey, China and India to buy gold and diversify reserve assets away from the US dollar.
Our first book pick notes a curious feedback loop:
“Gold would never have attained its position as supreme monarch of monetary systems without its unique physical attributes, yet the demand for gold became so insatiable over time because it was used as money”.
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