Contrast the mistrust of equities with a rising enthusiasm for gold. Its performance this year has been spectacular. Gold bugs applaud the precious metal as an insurance policy against financial fiddling by monetary authorities that will stoke runaway inflation one of these days
GOLD is up 25% this year and traded above US$1,895 per ounce on Thursday, not far from the 2011 record high of US$1,921.
Meanwhile, global stocks, as measured by the MSCI World index, have recovered almost all of the losses they suffered as the pandemic ushered the world economy into lockdown, and are within 5% of regaining their February highs.
A look at where the smart money is going, though, suggests one of these rallies may prove unsustainable.
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