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Data: FactSet; Chart: Axios Visuals

Gold futures rose to their highest since late 2012 on Monday, surging above $1,700 an ounce and pushing out the spread over spot prices, even as U.S. stock indexes rose by more than 7%.

The big picture: Investors continue to buy gold even on days that equity prices soar, in part because of worries about the coronavirus outbreak but also because of the prospect of untold trillions in spending from global governments and central banks, decreasing the value of the dollar and fiat currencies.

  • Some have made a similar case for Bitcoin and other cryptocurrencies, which have rallied since March 12.

Watch this space: The market is experiencing a divergence between spot gold prices and futures reminiscent of the period about two weeks ago during a historic squeeze in New York futures.

  • "At that time, supply channels were strangled as refineries shut down and flights halted, curbing sellers’ capacity to meet commitments to deliver metal," per Bloomberg.

Go deeper

How small businesses got stiffed by the coronavirus pandemic

Illustration: Aïda Amer/Axios

The story of American businesses in the coronavirus pandemic is a tale of two markets — one made up of tech firms and online retailers as winners awash in capital, and another of brick-and-mortar mom-and-pop shops that is collapsing.

Why it matters: The coronavirus pandemic has created an environment where losing industries like traditional retail and hospitality as well as a sizable portion of firms owned by women, immigrants and people of color are wiped out and may be gone for good.

Apple's antitrust fight turns Epic

Illustration: Aïda Amer/Axios

Millions of angry gamers may soon join the chorus of voices calling for an antitrust crackdown on Apple, as the iPhone giant faces a new lawsuit and PR blitz from Epic Games, maker of mega-hit Fortnite.

Why it matters: Apple is one of several Big Tech firms accused of violating the spirit, if not the letter, of antitrust law. A high-profile lawsuit could become a roadmap for either building a case against tech titans under existing antitrust laws or writing new ones better suited to the digital economy.

Survey: Fears grow about Social Security’s future

Data: AARP survey of 1,441 U.S. adults conducted July 14–27, 2020 a ±3.4% margin of error at the 95% confidence level; Chart: Naema Ahmed/Axios

Younger Americans are increasingly concerned that Social Security won't be enough to wholly fall back on once they retire, according to a survey conducted by AARP — in honor of today's 85th anniversary of the program — given first to Axios.

Why it matters: Young people's concerns about financial insecurity once they're on a restricted income are rising — and that generation is worried the program, which currently pays out to 65 million beneficiaries, won't be enough to sustain them.