Say what you want about the value of gold as a currency replacement or a safe haven, at least those pesky Russians can’t hack into it. The FBI is investigating reports that the Russians hacked into account information at JP Morgan and other U.S. banks perhaps in retaliation for US led sanctions.
Gold prices are higher after the hack attack in part because the shorts are getting nervous as geo-political risks are high. Having assets in cash or paper sitting in a bank that may be moved at any minute by some nefarious Russian hack job may be another reason to diversify some of your portfolio into gold. Not to mention that September is a seasonally strong time for gold.
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