Why gold is going nowhere

Tuesday, 7 July 2015

From Miranda Maxwell at Dad’s Army:

In a volatile period for global markets, gold has been a nonstarter, failing to sustain a rally this month even as Greece proudly voted for noone-knows-precisely-what, and China’s stock market crashed causing “horror and anxiety.”

…Surely that’s a time to embrace a safe haven? Indeed the US dollar hit a one-month high and the yen gained. Bitcoin bounced back as a strong counter investment so far this month with a solid surge in recent days.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.