'“We are running pretty massive structural deficits through a bull economy,” says Dan Taylor, chief investment officer at Man Numeric, an investment manager. “I actually think what people are doing is appropriately trying to protect capital and owning assets that are not paper assets.” Debts are so high in the US that it has “really only one half decent way out”, he adds, which is a “more inflationary regime than all of us are used to in our lives”, pushing investors to buy things “with a more limited supply” such as gold, or even bitcoin.'

How long will gold mania last? FT