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Gold demand rises as investors seek an asset independent of governments
Scottsdale Mint CEO Josh Phair said central banks are continuing to buy gold and private investors and companies are increasing their holdings.
Gold is drawing central banks, wealthy investors, and businesses looking for an asset independent of governments and counterparty risk, Scottsdale Mint CEO and owner Josh Phair said in an interview with MINING.COM.
Phair attributed the shift to eroding confidence in economic data and weakening trust in global trade, adding that investors are increasingly treating bullion as a type of treasury asset.
He said central-bank gold purchases are ongoing and that private investors and companies are also showing more interest in holding gold on their balance sheets, in some cases borrowing against bullion.
Phair further argued that the demand is contributing to sharper moves in precious-metals markets as more buyers seek exposure to an asset not tied to another party’s promise to pay.
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