The moves of wealth managers to manage the gold rally

Chinese leader Xi Jinping and Russian President Vladimir Putin have promised to work together against the United States defined as “destructive and hostile”. AND few commodities have been as affected by their policies as gold.

A few days later, the price of the precious metal rose to a record high of $2,450 per ounce, bringing gains to 25% since October 5, just before conflict erupted in the Middle East. This is a rally supported by the fracturing of the global monetary system, as nations such as Russia and China seek to ease their dependence on the US dollar.

With the safe haven asset trading at this all-time high, however, Chris Forgan, multi-asset portfolio manager at Fidelity, says, “the million-dollar question, as an investor, is: is it still justified?” […]