In the past year, the dollar has undergone its worst overall devaluation since the 1970s. At the same time, the price of gold has surged nearly 75pc to record highs.
No commodity acts better than gold as insurance against inflation, financial instability and geopolitical turmoil.
Call it “Trump Derangement Syndrome” if you like, but financial markets are increasingly betting on all three.
Almost everything the Trump White House does seems deliberately designed to undermine the dollar, last weekend’s renewed attack on the independence of the Federal Reserve being only the latest example.
None of it makes any sense, including the almost certainly hollow promise to cap credit card charges.
Price controls? Milton Friedman will be turning in his grave.
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