Gold hits record high, but stability as a haven questioned

In a blink, gold soared to a record $2,135 per troy ounce, only to swiftly retreat. The metal's erratic behavior, often bumping against record levels, raises questions about its millennia-old status as a reliable asset. Bitcoin's ascent, seen as a refuge by doomsday preppers, adds a twist to the generational divide. While central banks drive significant gold purchases, opaque flows and market dynamics cast doubt. Gold's recent surge, attributed to technical trading, challenges its role as a timeless haven amidst a landscape where cryptocurrencies embrace speculation with fervor.

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Gold's Fickleness Makes It Bitcoin for Boomers: Marcus Ashworth

By Marcus Ashworth

(Bloomberg Opinion) —

Blink and you missed it, but on Sunday night and into the early hours of Monday gold reached a record of more than $2,135 a troy ounce — and promptly fell back. Gold is now about 6% lower than that fleeting zenith and essentially unchanged from where it was a week ago. This isn't the behavior we expect of serious millennia-old asset classes; that's what magical new-age virtual tokens are for.

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