MONEY & MARKETS • GOLD, DOLLAR & CURRENCIES
$4,645 an ounce. That’s $1,278 more than gold cost you twelve months ago — an asset that pays no dividend, generates no earnings, sits in a vault, and still outpaced most of what’s in your portfolio. Treasury announced last Wednesday it will double its long-bond buybacks starting September 9, and the market read the signal: yields fell, the dollar dropped to 98.74, gold ripped almost 6% in a week. When Washington needs to buy its own debt to hold borrowing costs down, the oldest money on earth starts looking pretty smart.
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An ounce of gold cost $1,517 in January 2020 — it has tripled since then, while the dollar you’d use to buy it has lost nearly a quarter of its value.
