The central bank conducted three rounds of QE between 2009 and 2015, during which time the S&P 500, a benchmark for risk assets across the globe, rallied by more than 200 percent. Gold, a classic safe-haven asset, rose from $800 to $1,921 in the three years to 2011 only to fall back to $1,050 by December 2015. 

Originally published at CoinDesk

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