MICHAEL AVERY: Gold and PGMs at a crossroads
While the bullion is already expensive, the most hated metals now might be the most mispriced
11 February 2025 - 05:00
In Oscar Wilde’s The Happy Prince the story’s protagonist bemoans: “The living always think that gold can make them happy.”
Gold, that ancient trickster, is at it again, doing what it does best — dazzling the frightened, wooing the wary, and making central bankers sweat through their pinstriped suits. Investors don’t trust politicians. Politicians don’t trust each other. Investors don’t trust fiat. And nobody trusts the future. So here we are, five record highs into 2025, and the gold is still climbing like a cat up a tree with a pack of rabid dogs below. ..
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