Gold continues shining: The yellow metal rallied on Monday to its highest level since June as traders fled risky assets and worries swelled over the global economy.
The commodity climbed as much as 2.3 per cent to $1,200.97 an ounce on Monday, bringing its gain to 7 per cent for the month. That comes on the heels of gold’s best month in a year…Turbulence across global financial markets and slowing US growth has sent investors piling into the metal, which is seen as a safe haven.
Zerohedge has a nice chart on gold:
As I’ve said last week, if it’s highly liquid, easily valued, and the value is commonly agreed, then it is a candidate for safe haven.
For now, investors are choosing gold. Or, as Katie Martin said on Twitter: