Gold heads for best week since 2008 as Trump’s Greenland threats hit dollar

Core Viewpoint - Donald Trump's unpredictability is driving investors away from the US dollar and into gold, which is perceived as a safe haven during times of turmoil [3][4]. Group 1: Gold Market Performance - Gold is on track for its best week since 2008, rising 8% over the past five trading sessions to nearly $5,000 an ounce, marking its strongest performance since the financial crisis [1]. - Silver has also surpassed $100 an ounce for the first time, indicating a broader trend in precious metals [1][2]. - Gold's price was below $3,000 in April and surpassed $4,000 for the first time in October, highlighting significant growth during Trump's presidency [2]. Group 2: Investor Behavior - Global investors are selling stocks and buying gold due to its stability compared to volatile stock markets [2]. - The dollar experienced its worst week against major peers since June following Trump's tariff threats, leading to a plunge in global stock markets [3]. Group 3: Central Bank Trends - Central banks are diversifying their reserves away from the US dollar, favoring gold, particularly in emerging markets [4][6]. - Poland's central bank has increased its target for gold reserves from 20% to 30%, reflecting a trend among central banks to hold more gold [5]. - Edmond de Rothschild has increased its gold holdings in portfolios from 5% to around 6% to 7%, indicating a shift towards gold as a safer asset [5]. Group 4: Broader Market Implications - The flight to safety is affecting industrial metals as well, with copper prices climbing towards $13,000 a ton [8].