Bob Henderson
speaker
67 appearances
1 recordings
1 series
first heard Dec 2023
last heard Dec 2023
Bob Henderson’s voice in public audio — every appearance, attributed to the second.
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Appearances
Gold is seen as what they call a safe haven asset, which means when people are worried about the economy or some event happens in the world that gets them nervous, then they tend to turn to gold.
Most recently, it's been all about interest rates and all about expectations about what the Federal Reserve will do with regard to cutting rates.
The 11% that gold has gone up, I mean, it's oscillated a lot during the course of the
And what's happened in November is that people have become a lot more optimistic about the idea that the Fed is going to, first of all, stop raising rates as they have over the last year and a half and start cutting them sooner next year than people had expected.
And that's been a big boost to gold prices.
Lower interest rates for all investments in a way are better because investments in stocks and bonds tend to entail paying now to receive some kind of income or some kind of value in the future.
And lower rates means that value is worth more today than when rates are higher.
When it comes to gold, it's an extreme case of that story in that when interest rates come down,
It's not as though it's making gold better in any sense.
It's more like it's making it less worse.
It's the fact that gold doesn't pay any interest at all, doesn't pay any dividends, whereas stocks and bonds do.
The alternative to gold might be cash or it might be bonds.
And if you're earning less interest on those, then gold, by comparison, the opportunity cost is less.
That's a force that pushes buying in gold.
Yeah, exactly.
It's safe, but it doesn't give you earnings.
It's not giving you dividends.
It's not giving you interest.
It's a rock that's historically is kind of a do no harm.
It's a place where you can go.
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