Gold bulls have been thrilled by the metal’s performance this year. It reached a new record high last week on the back of strong investor demand.
The gold price is now up around 33% since asset prices bottomed on 19 March this year.
However, as the chart below shows, it has not actually kept pace with the other precious metals. Silver and all three of the platinum group metals (PGMs) have comfortably out-performed gold in the period following the coronavirus crash.
Even platinum, which has lagged for many years, bounced much more than gold in the recovery. It is up from $612 per ounce to over $910 per ounce. That is a gain of just shy of 50%.
The big story, however, is silver. It is almost doubled since 19 March.
So, have investors in gold actually been missing out?
(Click to enlarge)