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Data: FactSet; Chart: Axios Visuals

Despite holding in a tight range through most of the second quarter, gold has broken higher since late June and "seems to have recovered its mojo," Ross Norman, CEO of Metals Daily, told MarketWatch.

What's happening: Gold is "neither responding to either the U.S. dollar nor the virus, but the second quarter economic impact," of the massive M2 money supply growth leading to concerns about future inflation, debt and negative real yield on U.S. Treasuries, Norman added. "The precious metal stayed above the $1,800 level and hit its highest in nearly nine years Wednesday," Norman said.

Go deeper

Felix Salmon, author of Capital
Sep 24, 2020 - Economy & Business

The American economic paradox

Illustration: Aïda Amer/Axios

It's the rebound economists didn't see coming.

Why it matters: America did nothing that should have been necessary to really get the economy moving again. We didn't get the coronavirus under control, and we gave up on fiscal stimulus after a single short-lived round of it. Nevertheless, we're about to close out by far the strongest quarter of economic growth in American history.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.