Ladies and gentlemen, we have liftoff!
After breaking out of a five-year trading range, the price of gold surged above $1,400 an ounce last week for the first time since 2013 on expectations of a U.S. rate cut. The 10-year Treasury yield fell to around 2 percent, its lowest level since November 2016. Meanwhile, the pool of negative-yielding government bonds around the world hit a fresh record high of $13 trillion.
Gold "may finally be off the leash," Bloomberg's commodities columnist David Fickling wrote last Thursday after the yellow metal rallied above $1,350, a number