"The price of gold rose to $4,462.10 per troy ounce on the Comex futures market today, setting a new record high for the precious metal. Gold has now risen 69% year-to-date, far outpacing the S&P 500 which is up 17%.It's not a secret what's driving gold: political chaos, cheap money, and the collapse of Bitcoin have all underlined gold's status as a safe haven in a time of trouble."
"The U.S. was pursuing a third Venezuelan oil tanker today in hopes of impounding it, as part of President Trump's push to destabilize the Maduro regime. In Eastern Europe, Ukraine bombed a tanker in the Mediterranean that was part of Russia's illegal "shadow fleet" of vessels that keeps Moscow supplied with cash in spite of international sanctions. Meanwhile, Wall Street analysts have been worrying about the U.S.'s ever-weakening labor market."
"Lower interest on dollar-denominated assets is bad for the value of the U.S. dollar-and thus savers seeking to preserve their capital appear to be fleeing to gold. And then there is Bitcoin. The cryptocurrency's narrative as " a proven store of value " came undone this year when it hit a high of around $125K per coin and then promptly collapsed to as low as $84.2K, a decline of 34%."
Gold reached $4,462.10 per troy ounce on Comex futures, a record and a 69% year-to-date gain, far exceeding the S&P 500's 17% rise. Political instability, ample monetary stimulus, and Bitcoin's sharp drop have reinforced gold's safe-haven appeal. The U.S. moved to impound a Venezuelan tanker while Ukraine struck a tanker tied to Russia's "shadow fleet," highlighting conflicts tied to oil. Analysts cite a weakening U.S. labor market and rising expectations for multiple Federal Reserve rate cuts in 2026, pressuring the dollar and driving savers into gold. Bitcoin fell from about $125K to $84.2K, down 34%, increasing investor anxiety.
Read at Fortune
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