As the asset class recovers its ‘safe haven' status, Neil Gregson, co-manager of the JPM Natural Resources fund, examines what the future holds for gold.
Since the collapse of Lehman Brothers in September 2008, the gold price has doubled. Its stubborn ascent, which has seen it surpass nominal highs in every currency, has surprised even the most vociferous gold bugs. The golden question is whether the current trajectory is indicative of an asset bubble or whether we are in fact dealing with a new paradigm? While jewellery and technology-related demand remains robust, it is investment demand for the yellow metal that has been the swing factor. Gold has recovered its premium ‘safe haven’ status as concerns grow regarding developed worl...
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