The frantic sell-off of stocks in the first half of this year showed how little safety the alternatives offer
Save time by listening to our audio articles as you multitaskFor a similar worldview, look at your average equity investor. America’s stockmarket has spent a decade and more climbing a wall of worry. It has shrugged off the aftermath of a financial crisis, geopolitical tensions and a pandemic that shut down industries. After slumping earlier this year, of late it has been on a tear, war and inflation notwithstanding.
Gold has been prized as a store of value for millennia; today its enthusiasts tout it as a hedge against geopolitical risk and the devaluation of state-administered currencies. Yet since the start of this year, war has broken out in Europe, inflation has surged—and the dollar price of gold has dropped by 3%. Lacking an income stream of its own, gold loses its lustre as real interest rates rise.
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