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China’s gold buys, the limp US$ and conflicts mean gold is “hot”.
By Tony Coleman, Director, New Zealand Gold Merchants
The People’s Bank of China has led other central banks in steadily converting much of their cash holdings into gold bullion – a trend which has ramifications for the world.
Amidst geopolitical uncertainty and market volatility, gold stands out as a steadfast asset.
Traditionally a “safe haven” during turbulent times: one would expect the price of gold to increase when the economic outlook is bleak, and stabilise in times of economic optimism.
Gold shapes as a safe haven in these turbulent times.
Demand for gold is increasing sharply as the economic consequences of recent fighting between Palestine and Israel remain uncertain.
More New Zealanders are choosing to buy gold after the re-emergence of war in the historically volatile region.
On the 6th of October, the spot price of gold was $3069. On the 15th of October it had spiked to $3293.09 – more than a 7% increase in just over a week. ”