The gold price is however the antithesis of paper money. The last few years have seen gold reaching record levels measured in most emerging economies’ currencies, but languishing against the US dollar. However, growing economic uncertainty could well result in a strong rise on gold against all paper currencies – including the US dollar.

Global aggregate fund flows into the asset class came in at $7.9b over the course of the month, beating an inflow record set during the worst of the GFC during 2008.