Data: FactSet; Chart: Axios Visuals

Wealthy clients are increasingly being told by financial advisers to buy gold, betting the Fed's binge of bond buying and an overbought stock market will soon push the precious metal's price up — potentially to its highest ever.

What's happening: A new report from Reuters surveying nine private banks that collectively handle around $6 trillion in assets for the world’s ultra-rich, found they had advised clients to increase their allocation to gold.

  • All of them said they expected gold prices to end the year higher than they are now.

What they're saying: UBS predicts gold will hit $1,800 by year-end in its base-case scenario and could even touch a record high of $2,000 in the event of a second wave of novel coronavirus infections, Reuters' Brenna Hughes Neghaiwi and Simon Jessop report.

  • “With the recent equity rally, people have become more nervous. People are actively seeking out portfolio hedges that might perform well in a range of scenarios,” Kiran Ganesh from UBS’ chief investment office said in the article.
  • Morgan Stanley added a 5% position to commodities including gold in all its models at the end of March.

Between the lines: Gold has been trading in a tight range since April, despite a breakout in the stock market. That could change if wealthy investors begin to make significant moves into gold.

  • "The boost in demand could be a self-fulfilling prophecy for the metal’s price, as any shift in allocation from bond and equity markets, estimated at up to a combined $200 trillion, has a much larger impact on the smaller gold market, estimated at less than $5 trillion," the article notes.

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Updated 1 min ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 11,288,094 — Total deaths: 531,244 — Total recoveries — 6,075,489Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 2,839,917 — Total deaths: 129,676 — Total recoveries: 894,325 — Total tested: 34,858,427Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.

Protester dies after car drives through closed highway in Seattle

Protesters gather on Interstate 5 on June 23, 2020 in Seattle, Washington. Photo: David Ryder/Getty Images

One person is dead and another is in serious condition after a car drove onto a closed freeway in Seattle early Saturday and into protesters against police brutality, AP reports.

  • "Summer Taylor, 24, of Seattle died in the evening at Harborview Medical Center, spokesperson Susan Gregg said."

Where it stands: The suspect, Dawit Kelete of Seattle, fled the scene after hitting the protesters, and was later put in custody after another protester chased him for about a mile. He was charged with two counts of vehicular assault. Officials told the AP they did not know whether it was a targeted attack, but the driver was not impaired.

Trump's failing culture wars

Data: Google; Chart: Naema Ahmed/Axios

President Trump built his political brand by stoking the nation's culture wars, but search data is showing us how much harder it's been for him to replicate that success while running against another white man in his 70s — and while there's a coronavirus pandemic.

The big picture: Google Trends data shows Trump's "Sleepy Joe" name-calling isn't generating nearly the buzz "Crooked Hillary" (or "Little Marco") did in 2016. Base voters who relished doubting President Obama's birth certificate aren't questioning Biden's.