Gold, coronavirus, and the high cost of face masks in northern Italy

The price of gold is spiking – as it always does in a global panic. But this bull market predates the coronavirus epidemic, says Dominic Frisby, and will continue beyond it.

Face masks are selling at a premium in Venice
(Image credit: AFP via Getty Images)

Gold spiked to $1,690 an ounce on Monday amidst the coronavirus panic. Seven-year highs. It quickly gave back some $65 of that move, retreating to $1,625 the following day before closing around the $1,650 mark.

But 2020 has nonetheless been a great year for gold so far. It began with gold some $125 lower at $1,520, and it has been climbing ever since. Can it last?

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Dominic Frisby

Dominic Frisby (“mercurially witty” – the Spectator) is as far as we know the world’s only financial writer and comedian. He is the author of the popular newsletter the Flying Frisby and is MoneyWeek’s main commentator on gold, commodities, currencies and cryptocurrencies. He has also taken several of his shows to the Edinburgh Festival Fringe.

His books are Daylight Robbery - How Tax Changed our Past and Will Shape our Future; Bitcoin: the Future of Money? and Life After the State - Why We Don't Need Government

Dominic was educated at St Paul's School, Manchester University and the Webber-Douglas Academy Of Dramatic Art. You can follow him on X @dominicfrisby