{"id":5673,"date":"2020-07-27T08:59:35","date_gmt":"2020-07-27T08:59:35","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5673"},"modified":"2020-08-19T10:15:22","modified_gmt":"2020-08-19T10:15:22","slug":"hard-assets-hit-new-highs","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/07\/27\/hard-assets-hit-new-highs\/","title":{"rendered":"Hard assets hit new highs"},"content":{"rendered":"

The slump in the US dollar is beginning to accelerate. The gold price leapt to a new all-time high in early trading on Monday 27 July, with silver and bitcoin also seeing strong price rises.<\/p>\n

Gold hit a new record price of $1940 per troy ounce in Asian trading, exceeding the previous all-time high of $1922, set on 6 September 2011. Silver rose to $24.10 a troy ounce, up over 6 percent from Friday\u2019s close, while bitcoin broke through the $10,000 mark, up over 7 percent from levels set on Friday.<\/p>\n

Gold price<\/em><\/p>\n

\"\"<\/p>\n

According to precious metals commentator Ross Norman, the jump in the price of hard assets shows general investor nervousness about the prospects for financial markets.<\/p>\n

\u201cWhat gold and silver are telling us is that the macro and geopolitical environments are deeply unattractive,\u201d he told New Money Review<\/em>.<\/p>\n

\u201cThe growth in debt and the money supply are real concerns,\u201d he went on.<\/p>\n

The continuing fall in interest rates is also making hard assets more attractive on a relative basis, said Norman, since the opportunity cost of holding gold, silver or bitcoin is disappearing.<\/p>\n

\u201cProbably the single biggest driver for gold over the last few months has been the falling yield on the ten-year US Treasury bond,\u201d said Norman.<\/p>\n

\u201cThat has dipped below 60 basis points in nominal terms, meaning real yields are now negative.\u201d<\/p>\n

\u201cGold\u2019s got everything going for it at the moment.\u201d<\/p>\n

The continuing bull market in precious metals comes as a sharp reversal of market moves seen in March, at the peak of market concerns over coronavirus.<\/p>\n

In mid-March, a scramble for dollar liquidity caused the price of gold to fall to $1486, while bitcoin fell to under $5000 a coin<\/a>.<\/p>\n

The US dollar has since undergone a sharp reversal, however: DXY, a measure of the value of the US currency relative to the value of a basket of currencies of the country\u2019s main trading partners, has fallen 9 percent since late March.<\/p>\n

Earlier this month, the Bank for International Settlements (BIS) said the dollar had increased its dominance in the world\u2019s currency markets since the outbreak of the coronavirus<\/a>, while the role of the US central bank as the global lender of last resort had become further entrenched.<\/p>\n

Some central bankers have argued that the growing dependence of the global financial system on the US is a source of instability.<\/p>\n

Last August, Mark Carney, the outgoing governor of the Bank of England,\u00a0attacked US monetary hegemony<\/a>\u00a0in a speech at the annual Jackson Hole symposium of central bankers, held in Wyoming\u2019s Rocky Mountains.<\/p>\n

\u201cThe growing asymmetry at the heart of the international monetary and financial system is putting the global economy under increasing strain,\u201d Carney said.<\/p>\n

Sign up here<\/a> for our monthly newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

The slump in the US dollar is beginning to accelerate. The gold price leapt to a new all-time high in early trading on Monday 27 July, with silver and bitcoin […]<\/p>\n","protected":false},"author":4,"featured_media":5174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1053,1026,1011],"tags":[1085,1034,1813,1527,1702,1812],"class_list":{"0":"post-5673","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured-1","8":"category-latest-slider","9":"category-value","10":"tag-bis","11":"tag-bitcoin","12":"tag-dxy","13":"tag-gold","14":"tag-ross-norman","15":"tag-silver"},"yoast_head":"\nHard assets hit new highs - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/07\/27\/hard-assets-hit-new-highs\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hard assets hit new highs - New Money Review\" \/>\n<meta property=\"og:description\" content=\"The slump in the US dollar is beginning to accelerate. 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