Goldbugs Owe Much to Central-Bank Buying
Bullion has rallied back above $1,900 an ounce. Yet despite cooling inflation, the Fed doesn’t look done.
Gold has been on the rise since early November, and is trading just 7% off its all-time high.
Photographer: Akos Stiller/Bloomberg
Hello and welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Opinion’s Liam Denning takes a look at the gold market, while oil is up and European natural gas is headed for a sixth weekly decline. If you haven’t signed up to get Elements sent to your inbox, you can do that here.
It is hard to think of a better advertisement for gold than a certain suspected fraudster with a taste for crypto, shorts and Bahamian property. The collapse of Sam Bankman-Fried’s FTX platform, along with his arrest, offered a tragicomic rebuke to those touting the blockchain as a serious challenger to gold (and the dollar and just about everything else). In contrast to crypto’s digital vapor, gold will inarguably hurt you if dropped on your foot.