Gold is going up because Trump is talking down the dollar, feeding ‘the narrative of relative U.S. decline,’ UBS fears

The price of gold hit another new record yesterday, soaring above $5,300. It’s up an astonishing 3% this morning, as measured by the Comex continuous contract. Gold has gained 22.31%, year-to-date.

It’s not hard to see why. Gold is outperforming as a safe-haven for investors who are bailing out of assets being dragged down by the falling U.S. dollar. 

The dollar fell 1.3% yesterday against a standard index of foreign currencies. It’s down over 2% year to date. One euro now buys $1.20....