Gold enters the storybook stage
Its price is now far above levels suggested by fundamental forces, but it’s hard to see what might stop its ascent
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AFTER surging for years, the price of gold has entered the realm where storytelling drives its price.
Breaking free of the fundamental forces that long explained its ups and downs, it is now rising on tales of global risk and uncertainty, which make this era feel to some observers like the gold rush of the 1970s.
Gold has long been seen as a safe haven because its price has kept pace with the rate of inflation for centuries, albeit punctuated by busts and booms.
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