The price of gold has gone up from $256 an ounce in 2001 to $1,424. Meanwhile, price levels have struggled or crashed with respect to almost all other asset classes. Central banks have slashed interest rates. Yet, gold prices, it has been predicted, may go up and up. The many reasons for this renewed love are convincing. Interestingly, not long ago pundits had predicted the end of gold as the world's default asset class and were clubbing it with commodities. It appears that the yellow metal is making a comeback to reassert the pre-eminence it has enjoyed for 5,000 years of history.
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