09/19/2019

Van Eck Switzerland AG

Uncertainties Abound as Gold Reaches Fresh Highs

Trade tensions have become trade wars and trade wars are threatening to become currency wars. Gold moved to a fresh six-year high of $1,555 per ounce on August 26 as markets reacted to retaliatory threats and actions between the U.S. and China. It looks as if the established superpower and the emerging superpower have begun an economic war for global supremacy. The uncertainty is creating a drag on commerce at a time in the cycle when it might do the most damage to the global economy. At the same time, central banks across the globe are cutting rates in an attempt to offset recessionary forces.

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