Gold has held above $1,800 (£1,423) per ounce (oz), hitting the highest levels since 2011, coinciding with a weaker US dollar and fears that the country's economic recovery could start to abate.
Gold has traditionally done well when the US dollar has been weak and inflation low. Those boxes have been ticked, especially with concerns over a second wave of Covid-19 rising in the US and elsewhere.
Investors have already jumped on board with gusto. In figures for the first half of 2020 released this week, the World Gold Council confirmed massive ETF inflows. Assets under management in the sector increased by $39.5bn, to $206bn. The inflow by weight - 734 tonnes, or 26m ounces - would have been a record for a full year, let alone a six-month period.