What is the fair value of gold? This is the question many investors and traders asked themselves as they reassessed their portfolios and risk exposures in the light of Covid-19. The world economy was faced with an unprecedented shock in 2020 and no single asset class was immune. Global gold markets took center stage when the precious metal climbed above $2,000 per troy ounce in August. One item at a time, we look at recent developments in COMEX gold futures trading.