Last week, prices for gold rose to an all-time high, at levels above $2,300 per oz (€2,118). The recent price surge has taken many analysts by surprise. What has been going on, and what does it say about investor risk perception? The recent upmove was sudden and largely unexpected. The options market, which usually has a keen view on risk perception, gave no inkling of what was to come during March. Volatilities at the beginning of the month, which measure anticipated price movement, traded at only 11 per cent – which is a pretty low level in both absolute and…

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