Gold

"In today's extraordinary environment, investors have been turning to gold as a hedge against multiple risks – currency debasement, inflation, uncertainty around the pace of economic recovery, US-China tension – all combining to drive record ETF inflows (+800t), and lifting price to all-time highs (spot $1,965/oz). The key short-term price drivers of real interest rates and the US dollar both remain supportive: 10-year real yields are at an all time low of -1.02% and DXY has fallen 4% over the last month. Last week's FOMC meeting down-played the potential for further significant stimulus and delivered little in the way of fresh guidance, suggesting gold could be in for a period of consolidation in the absence of a fresh catalyst"

Extracted from Morgan Stanley