One obvious beneficiary of the continuing turmoil in the Middle East and North Africa is the price of gold, which has again popped above $1,400 per oz. Indeed, there are plenty of parallels with the highs seen in January 1980 in the wake of the second global oil price shock, when gold reached $850. This level is equivalent to around $2,400 in today’s prices (that is, adjusting for US CPI inflation), which suggests there could still be plenty of upside.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services