Materials Up As Gold Hits Record -- Materials Roundup

Producers of metals and other raw materials rose after gold prices topped $2,000 an ounce.

Gold futures hit a fresh record high, rising 1.8% to close over $2,000 an ounce as fears about stimulus-bill negotiations and stubbornly high rates of coronavirus spread spurred demand for safe havens. Gold's run was also catalyzed by fiscal and monetary stimulus, according to one money manager. "Around the world, central banks are ballooning the monetary base, and debt - both government and non-financial corporate - is reaching highs comparable only to the aftermath of major global wars," said analysts at Guild Investment Management, in a note to clients.

Due to this "sowing the seeds of future inflation ... investors will naturally turn to the great historical hedge against monetary debasement: gold," the Guild analysts said.

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