"Gold has been front and centre in a flight to safety that has reshaped global markets at the outset of Trump’s second term."

John Maynard Keynes once called it a “barbarous relic”, an ancient metal with little relevance in the modern world. When the gold-backed global monetary architecture came to an end in the early 1970s, central banks started selling their holdings — and they continued doing so for decades. ... bullion has made a roaring comeback, not just among speculators and so-called gold bugs who mistrust modern paper currencies, but even among the most conservative investors in the world.

The trade war pursued by US President Donald Trump, combined with rising geopolitical tensions and questions about the long-term role of the US dollar, have all contributed to a blistering gold rally — one that has taken even gold boosters by surprise. 

"Since Trump took office, promising a “golden age” for America, gold has been the best performer among asset classes including equities, energy and major currencies."

Unlike other financial assets, gold has no counterparty risk, and it is difficult for government to place sanctions on it. In extremis, you can bury it in your backyard.

As investors question the health of the dollar, still the de facto reserve currency, and the outlook for US government bonds, the world’s traditional haven asset is having its day.

"Today’s fiscal largesse feels like vindication for those who believe the world should not have moved away from the gold standard. Such profligacy, they argue, is intrinsic to fiat currencies that can be printed at will."

But yes, altogether nice feature