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Trade anxiety, geopolitics and threats to the US central bank’s independence have driven investors to the safety of gold, sparking a massive rally in miners of the precious metal.
The NYSE Arca Gold Miners Index hit an all-time high and is on track to end the session at a record on Friday. It’s the first new peak since 2011 when investors were snatching up safe-haven assets amid Europe’s debt crisis and the first US credit rating downgrade. This time, a new sense of uncertainty has sent some of the largest stocks in the benchmark soaring, with Newmont Corp., Agnico Eagle Mines Ltd., Wheaton Precious Metals Corp. and Barrick Mining Corp. all gaining more than 80% this year.
Investors contending with global instability from trade wars and conflict in the Middle East and Ukraine, are once again seeking assets that offer shelter. US President Donald Trump’s efforts to oust Federal…
