“The gold rally is just beginning.” These are the words used by Paul Singer of Elliott Management in a letter to investors at the end of April and made public only yesterday. The metal’s prices have already risen by 16% in the first three months of the year, marking the best first quarter in the last 30 years . And yet, explains one of the most important managers in the world, they could continue to grow in the coming months, especially if the market has less and less confidence in the actions of central banks, or in the effectiveness of their ultra-expansionary monetary policies. Goldman Sachs has, in the meantime, raised its estimates to 3, 6 and 12 months, but the fact remains that the American investment bank continues to forecast prices lower than current levels in the medium term. In fact, the price currently stands at 1,278 dollars, up 20% compared to the beginning of the year, but still 30% lower than the peak reached in September 5 years ago.

Is it worth investing in gold today?

Gold has been the investment par excellence for over 5,000 years. Some consider it simply a metal, many others a real currency, a reserve of value over time, useful for protecting against the risk of loss of value of the currency, or against inflation. But does it make sense for an investor in an advanced economy to buy gold today to protect against rising prices, when we are talking about the opposite risk of deflation ? In fact, the greatest limit to further growth in prices is represented precisely by an environment of almost zero or low inflation in almost all the main economies of the planet. Furthermore, the metal is negatively affected by the strengthening of the dollar, as it is bought on the markets in the American currency