Why does gold go up in times of geopolitical turmoil? Do refugees actually convert their wealth to gold, or does it just go up because most traders think it should? A kind of trading Schelling point.
aren’t people just genuinely a little bit afraid of global economic collapse and runaway inflation?
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History. Gold has always been a safe universal means of transaction. All major wars (and minor ones), natural crises and anything else gets people to horde gold. It is probably more universal than the USD.
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