One obvious beneficiary of the continuing turmoil in the Middle East and North Africa is the price of gold, which has again popped above $1,400 per oz. Indeed, there are plenty of parallels with the highs seen in January 1980 in the wake of the second global oil price shock, when gold reached $850. This level is equivalent to around $2,400 in today’s prices (that is, adjusting for US CPI inflation), which suggests there could still be plenty of upside.
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