Record gold prices from 2019 onwards express the vulnerability of the international monetary system resulting from the US-China trade war and recently the impact of the COVID-19 on the global economy.
If the price of gold is linked to movements in the international financial markets and the expansive monetary policy of the US central bank: Does the current price of gold express speculation? Are there expectations of crises arising from the pandemic shock?
The current price of gold expresses the value of refuge in the face of a situation of uncertainty, channeled by investors through two large funds. The expectations of crisis were already in 2019 when the price began to rise as a reflection of the trade war and the fall in American GDP growth.