The Globe and Mail reports in its Wednesday edition that gold prices soared to record highs on Tuesday, closing at more than $2,000 (U.S.) an ounce for the first time in history, as U.S. policy makers prepare to unleash another round of pandemic-related spending. The Globe's Tim Shufelt writes that as an investment, gold has thrived amid the astronomical levels of stimulus that governments and central banks globally have employed to try to protect their economies from the financial ravages of COVID-19. Soaring debt and deficits are generally bullish for gold, as are rock-bottom interest rates, a low U.S. dollar and heightened levels of financial market volatility. National Bank Financial economist Matthieu Arseneau says, "Bullion has limited downside in such an environment." So far this year, gold spot prices have risen by 33 per cent, making bullion one of the best-performing financial assets in the world. Tuesday's spike in spot gold to $2,016 (U.S.) came after U.S. Senate Democratic leader Chuck Schumer said COVID-19 legislation talks with White House were moving in the "right direction." Mr. Arseneau says about 60 per cent of gold's move in 2020 can be attributed to the "massive drop" in real rates.