Buoyant global equity markets may have obscured a significant increase in the price of gold during 2019.

Moreover it has continued to rise during August despite the setbacks sustained by equity markets. It broke through the $1,500 an ounce barrier earlier in the week and closed at 1,510 on 14 August, up another 0.90 percent on the day.

The gold price has increased by around 6.60 percent over the past 30 days; 15 percent over the past six months; and by nearly 29 percent over the past year.

Given that the price has languished between $1,100 and $1,300 for much of the past eight years since reaching a high of mo...