Investors around the world are hurrying back to bullion…
By Henry Sanderson
Financial Times, London
Thursday, January 30, 2020
Investors around the world are hurrying back to bullion.
Holdings in gold-backed exchange traded funds have risen to their highest levels in seven years, following $19.2 billon in inflows last year. Analysts say interest has picked up for a variety of reasons, including fears over slowdowns in big economies, rising geopolitical risks, and an apparent loss of faith in traditional “haven” assets such as Japan’s yen.
But chief among them is a giant mound of negative-yielding debt, now tipping the scales at more than $13 trillion. If buyers of bonds are being asked to pay for the privilege of holding them to maturity, then the appeal of gold — which yields nothing but also costs nothing to hold on to — is burnished.”You’re seeing flows into the metal. It’s a global trend,” said John Hathaway, co-manager of the Sprott Gold Equities fund. “The typical havens of safety are not that safe anymore and gold is getting a bid for that reason.”
The revival for the yellow metal comes after a fairly bleak few years, in which a steady global economic recovery pushed gold prices down as low as $1,000 a troy ounce in December 2015. …
… For the remainder of the report:
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