Gold and silver sure aren’t behaving like safe havens.
The precious metals are typically seen as safe stores of value in hard times — inflation, deflation, depression, war, whatever — but in recent weeks have fallen whenever stocks have fallen, suggesting they aren’t such safe havens any more.
And then you have days like today, where gold and silver are surging along with the stock market and other risky assets.
Gold at least check was up 2.3% to $1673 an ounce, and silver was up 4.1% to more than $32 an ounce.
Some of this may have something to do with the direction of the dollar — when risky assets are rising lately, the dollar tends to be suffering, as is the case today, with the euro up 2.3% against the dollar to nearly $1.37.
But that doesn’t explain most of these moves. Instead, as with crude oil, this seems to be mainly about speculators jumping in.
