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Gold could see a two- or three-year bull run driven by interest rate cuts, trade tensions and geopolitical turmoil, the analysts said.
China has piled up nearly 100 tons of gold reserves to help buffer against the blows of Trump’s trade war
Gold's rise is a major sign that investors are worried about the state of the economy.
"Gold nudged up on the latest tit-for-tat US-China trade measures and is looking to move higher with more Fed rate cuts," said Harry Tchilinguirian.
"Investors have piled into gold because, fundamentally, they are worried about the state of the global economy," says one analyst.
After Trump announced delays on some tariffs until December, there was a 123% increase in people trading bitcoin.
The movement in bonds versus equity markets Friday was "a confirmation of all the recent trends," said Bill Adams of MFS Investment Management.
Bitcoin has become an unlikely safe haven as global turmoil has rocked markets. But not everyone thinks that’s a good idea.
"Bitcoin is harder to manipulate the circulating supply and that's why some people think its a safe haven," said Sky Guo.
China bought gold for the 8th straight month — and it’s just the latest sign the nation is the trade war for the long haul
The country's gold reserves now hold about 1,945 tons of the precious metal — worth about $93.4 billion at current prices.
"Bitcoin is proving itself to be a macro hedge against market risks," wrote Thomas Lee, managing partner of Fundstrat Global Advisors.
The 3 major US stock indexes are fresh off record highs. Here’s how other popular investments have fared in 2019.
Though most investment tools haven't met the stock market's strong year-to-date performance, bitcoin and oil leapt upward in recent months.