Gold is impressive once again today as it rises $8 to $2743 after earlier falling as low as $2717. The rebound virtually assures that it will break the weekly closing record of $2719 set just a week ago.

It’s been record after record for gold and on Wednesday it touched the best-ever at $2758 before a round of profit taking.

I spoke with Kitco News about gold this week and highlighted a number of trends behind the rally. The election is top of mind at the moment but both candidates promise to antagonize trading partners and rivals. This week’s BRICS summit highlighted the efforts to shift trade outside of borders.

One of the points I made in the interview was that the biggest long-term threat to the US dollar might be the intellectual property system, particularly in a world where AI is doing all the inventing. An enlarged BRICS could mutually invalidate patents, putting them at odds with the US and under threat of retaliation.

That’s certainly not a trade for today but a black swan that I think is probable in the next decade.