Gold has been the best investment of the year so far.
Uncertainty over the outcome of the elections in November may also be giving investors reason to hedge their bets with gold.
Meanwhile, the market’s sharp rebound from its lows in March is making stocks look expensive relative to earnings. Based on forward 12-month earnings, the S&P 500 is trading at a 50% premium to its 20-year average. That’s likely making an asset like gold more attractive even as stocks continue to rally, said Sam Stovall, chief investment strategist at CFRA.
“Inflation did not spike the last time we flooded the economy with cash, but it did so in previous periods in history,” Stovall said.
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