Gold hits record high as tensions spread in U.S.

The price of gold is at an all-time high, fueled by the unchecked spread of Covid-19 in the U.S. and deepening tensions at home and abroad.

In the morning of Asian trading hours on Monday, spot gold traded at about $1,931.11 per ounce after earlier trading as high as $1,943.9275 per ounce. Those levels eclipsed the previous record high price set in September 2011.

In a note circulated before the new highs, Commonwealth Bank of Australias Vivek Dhar said the fall in U.S. 10-year real yields has been the most important driver.

Meanwhile, Johan Jooste of The Global CIO Office told CNBCs Street Signs on Monday that theres a horrible feeling of chasing it a bit after the fact if investors enter the gold market now.

Gold doesn't pay dividends or bear interest, but interest rates are near zero and the economy is in ruins, so... Go Go Gadget Gold. Prices are up 28%. CNN posted this chart, drawn by Julia Horowitz:

The idea that President Trump is disinclined to leave office should be be defeated in November's general election will encourage more bullshit investments by consumers, should he make serious efforts to that end. Read the rest