As gold completes its metamorphosis from a precious metal to portfolio diversifier and now to a de-facto currency, the mega-bull continues to stampede. While in classical terms gold is referred to as a precious metal, it always has been seen as a unit of money. The advent of exchange-traded funds (ETFs) and index funds has solidified gold as an asset class and de-facto currency as investors worldwide grow more skeptical of fiat currencies.
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