The dangers of a more liquid gold market


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

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