There’s one big mystery in the everything rally: gold’s record-setting ascent

It seems almost every asset class has been hitting records: U.S. stocks, Japanese stocks, German stocks, bitcoin, gold.

That last one is unusual. Rising prices usually generate speculative interest in an asset, but not here: Jim Bianco of Bianco Research posts this chart showing that gold ETF holdings have actually gone down as the price has spiked higher. That’s not the only anomaly.


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