Guns, Butter and Gold

by Richard (Rick) Mills
Ahead of the Herd

Gold is among the safest of havens in times of war, or any other type of geopolitical instability.

During the 1970s, which saw a number of upheavals in the Middle East including the Iranian Revolution, the Iran-Iraq War, and the Soviet invasion of Afghanistan, gold rose 23% in 1977, 37% in 1978, and 126% in 1979, the year of the Iranian hostage crisis.

Gold also spiked when the US bombed Libya in 1986, when Iraq invaded Kuwait in 1990, after 9/11, and when the US attacked Iraq in 2003. More recently, in 2020 gold reached $2,034 an ounce on fears of the coronavirus spreading and causing economic devastation.

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