To the alchemists, gold was the perfect metal – untarnished by time and impervious to fire and calamity. And while alchemy has been forgotten, gold is still showing many of the qualities the adepts admired: continuing to rise even as equity markets crashed and money markets floundered, the spot price of gold has now reached unprecedented highs, hitting $1,246.05 an ounce on June 25 (see figure 1).
Other asset classes remain volatile. Although the markets have calmed substantially since the peak
The week on Risk.net, December 9–15 2017Receive this by email