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History Shows Gold’s Rally May Only Just Be Getting Started

  • Holdings in bullion-backed ETFs remain low versus total assets
  • Gold is a ‘resilient ballast’ in recessions, BlackRock says
A Gold Bullion Dealer As Bitcoin's Nouveau Riche Run To The Metal As Cryptocurrency Crashes
Photographer: Luke MacGregor/Bloomberg

Even with gold at seven-year highs, there’s still room for more gains if history is anything to go by.

Prices have surged this year as haven-seeking investors pour in. Markets have been shaken by worries that the coronavirus outbreak will cripple global growth, coupled with expectations for looser monetary policy around the world. Assets in bullion-backed exchange-traded funds are at the highest ever and money managers are holding a near-record bullish bet.