Commodities
Home›Commodities›Precious Metals›Gold draws investors and firms amid distrust of govern…
Gold draws investors and firms amid distrust of governments and trade
Scottsdale Mint CEO Josh Phair said central banks, including China and Poland, are driving demand, with China buying for 22 straight months and Poland targeting an allocation of up to 30% by year end.
Scottsdale Mint CEO Josh Phair said distrust in government data and friction in global trade are pushing investors toward gold, describing it as a “trustless asset” in uncertain markets, according to Mining.com.
Phair added that beyond investors, businesses are putting gold on their balance sheets and lending against it, while China has been buying gold for 22 consecutive months.
He said demand is being shaped by central banks, with those holding little or no gold considering 1% to 3% allocations, while institutions already at 1% to 3% are looking at 5% to 7%.
Phair also cited Poland as targeting an upper 30% allocation by the end of the year, and said gold and silver volatility is rising as gold increasingly functions as a treasury asset.
Latest closeGold $4,320.50 ▲0.5%|Silver $64.71 ▲2.0%