The price of spot gold rose to its highest level in seven days Tuesday, to $1,260 an ounce, but that doesn’t mean much to Yoni Jacobs, chief investment strategist at Chart Prophet Capital.
Jacobs said the reasons for gold’s being considered a safe haven—emerging markets, gold mining stocks, the dollar and inflation—are long gone.
For example, conventional thinking about the relationship between gold prices and emerging markets is that, as wealth grows, consumers will have more money to buy gold.
“The problem is, if you just paid attention to the stock prices or the stock markets of those countries, you’d see that they’re slowing down,” Jacobs said. “The S&P 500 is up 22 percent in the past year, whereas the Shanghai Index in China is up only 4 percent in the same period."
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