Is gold a Trump trade?

Tariff-induced gold hoarding near pandemic levels

The new record highs in both the nominal and real gold price have been attributed to a Trump tariff trade: 'Gold is a Trump tariff trade...There is positive correlation between tariff headlines and gold prices moving higher.' Bank of America's February global fund manager survey suggests many fund managers believe that gold would be the best-performing asset in the event of a full-blown trade war. There has been gold hoarding in New York coupled with week-long queues to get gold out of the Bank of England, with Comex gold warehouse stocks approaching pandemic levels: