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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.

Go deeper

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

Equity outflows speed up

Data: Investment Company Institute; Chart: Axios Visuals

One paradox of the recent bull-market run is that it has taken place in the face of consistent selling by investors in ETFs and mutual funds.

The big picture: Monthly flows from actively-managed stock-market funds have been negative for years, and while flows into passively-managed funds have been positive, they have generally been smaller.

National Guard chief says it took 3 hours for Pentagon to grant Jan. 6 request

Photo: Stefani Reynolds/Bloomberg via Getty Images

William Walker, commanding general of the D.C. National Guard, will testify Wednesday that it took three hours and 19 minutes for Pentagon leadership to approve a request for National Guard assistance during the Jan. 6 Capitol attack, according to his prepared remarks.

Why it matters: The timeline over when National Guard requests were made and granted has been a key point of contention in congressional hearings examining the security failures surrounding the Capitol riots.

33 mins ago - World

International Criminal Court opens Israel-Palestine war crimes probe

Israeli Prime Minister Benjamin Netnayahu has strongly objected to the investigation. Photo: Lior Mizrahi/Getty Images

International Criminal Court (ICC) prosecutor Fatou Bensouda on Wednesday announced her intention to open an investigation into crimes allegedly committed in the Palestinian territories since 2014.

Why it matters: The investigation is expected to consider possible war crimes by Israel and Hamas during the 2014 war in Gaza, as well as the construction of West Bank settlements by Israel. It could sharply increase tensions between Israel, which fiercely opposes the probe, and Palestinian leaders, who requested it.