Joe Cavatoni, Chief Market Strategist for the Americas at the World Gold Council, shared his thoughts on the main drivers of yellow metals as the banking sector turmoil continues in the US and elsewhere.
“As a result of the financial cracks that are appearing in banks, tactical application of gold is a top priority for everyone,” he told Investing News Network, adding that this underscores gold’s value as a safe haven. I pointed out that it is increasing.
Market participants also have questions about inflation and the outlook for the US economy, including whether the US is headed for recession. In Cavatoni’s view, this is very likely to happen.
“If so, gold will continue to play a more strategic role as a long-term asset that performs exceptionally well in a depressed world,” he said, noting that precious metals tend to perform well. during these periods.
Cavatoni also spoke about gold demand trends, including record purchases in 2022 from central banks. When asked if these companies would continue to buy gold this year, he said the World Gold Council was watching closely.
“We expect some buying to continue. questions and concerns about how it will unfold,” he explained. “Do we expect a record year like 2022? We must expect.”
For more information from Cavatoni on gold supply and demand, as well as overall market trends, see our interview above.
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Securities Disclosure: I, Charlotte MacLeod, have no direct investments in any of the companies mentioned in this article.
Editorial disclosure: Investing News Network does not guarantee the accuracy or completeness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect those of Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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