Analysts: The rise in gold prices is related to the decline in confidence in dollar assets

Dean Smith, an analyst at FolioBeyond, said the rally in gold prices reflected growing investor unease about U.S. assets. Gold futures in New York topped $4,000 an ounce for the first time ever, following a near-steady climb over the past two months. Smith said the rally reflected investors' search for safe haven assets other than the dollar or U.S. Treasuries. "Global markets are hedging their bets," he said. Investors are no longer sure they are willing to tie "so much of [their] prosperity and economic future to" dollar assets, he said. He noted that the uncertainty and risk reassessment behind gold's (rising) value "will take years to resolve". (Golden Ten)