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For millennia, gold has been prized as a store of value. It was made into jewellery, ornaments, bars and coins, and until the mid-20th century, many of the world's biggest economies used it to back their national currencies. But why did and do we hold this yellow metal in such high esteem?

During the pandemic, we saw some of the most vigorous equities growth since the 1920s. A great number of companies had their valuation treble, quadruple or increase even more over a period of mere weeks. The last 10 months, on the other hand, have been a bloodbath on the tech indices.

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With the world economy in the grip of an inflationary crisis and teetering on the brink of recession, many risk assets have either declined steadily or found themselves stuck in a sideways loop for much of the past year.

It wasn't too long ago that we wrote about EUR/USD reaching parity for the first time in two decades. Well, now the Fibre has hit another new low, recording its first daily close below 1:1 since 2002.

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In times unmatched since the 1970s, Europe finds itself in the grip of the biggest energy crisis in recent memory. Since early last year, global oil prices have doubled, coal prices have nearly quadrupled, and European natural gas prices have increased almost seven-fold.

Ever since cryptocurrency prices went into freefall in late 2021, everybody from analysts to disgruntled investors has been speaking of a long, hard crypto winter, with some even calling it the end of digital currencies as we know them.

Initially tipped to shoot to the sky in the wake of the 2020 pandemic, gold and silver have, in fact, been trapped in a sideways market for the past two years. At its current price of $1,721, the yellow metal is actually below its 7 August 2020 peak of $1,743.

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