In August, capital flowed frenetically into gold ETFs, underscoring the value of gold as a hedge against global sovereign debt risks. - Moomoo

In August, capital flowed frenetically into gold ETFs, underscoring the value of gold as a hedge against global sovereign debt risks. - Moomoo

Source: Moomoo

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DW NOTE

Gold gained $200 in August while the Strait of Hormuz closed and Russia advanced on two fronts. That's not investors hedging sovereign debt risk — that's investors pricing in the non-trivial chance that the global trading system stops working.

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