Don’t look now, but carefully polished, shiny yellow doorstops are in the midst of their best run since 2011, having risen for eight consecutive days.
You’ll recall that gold held up well in 2017 despite Fed hikes and the global risk rally. As a reminder, here’s how gold fared versus 2017’s best performing commodities:
It is worth noting that it looks overbought on the heels of the recent rally:
That said, over the past ten years, gold has risen more than 4% on average in January. “Gold hasn’t fallen in January since 2013,” Bloomberg’s Eddie van Der Walt notes on Tuesday, adding that “shoppers across Asia stock up on metal in preparation for the Lunar version of the start of the calendar.”
There you go. To the moon. Literally.