One more on gold, then I'll shut up for the day

It’s unfashionable in many precincts to admit it, but the market for precious metals still sends useful signals every once in a while. Gold’s ascent above $5,000 per ounce—or as some might say, the dollar’s drop to less than 1/5,000th of an ounce of gold—is one of those signals, and it doesn’t speak well of investor confidence in the world’s political leaders.

Investors probably aren’t acting on inflation jitters in this instance, although as always the market’s motivations are hard to know precisely. Inflation remains elevated, but there’s been little new news on that score lately that would cause investors suddenly to flee toward the safety of gold.

Meaning, Mr. Armstrong is right (#1420812) and gold rallying doesn't mean what its proponents want it to mean.

The Editorial goes on to explain that Trump's shenigans aside, orange man isn't responsible for the yen-dollar debacle, nor the implosion of Europe (#1418407, #1020250)

Mr. Trump also isn’t responsible for political gyrations in Paris that raise questions about France’s (and, by extension, Europe’s) capacity to repay enormous government debts. Government debt is rising across Western democracies, with little apparent political will to control the welfare state.

...aaaand retail getting shafted?

But markets are signaling a case of nerves about recent developments around the world—and perhaps also hedging against the dollar as a safe investment. Speculators may also be piling into gold, which is reason for non-rich investors to be cautious at such a lofty price.

Plenty of safe-haven worthy behavior around.

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