John Reade
speaker
553 appearances
2 recordings
1 series
first heard Oct 2024
last heard 10 Oct
John Reade’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Oct 2025 with 1.
Appearances
The weekend edition
They do, um, but only in certain segments.
I mean I think the one of the points about gold is that it is a very big, but also an extremely international market.
And because demand breaks up into different categories, whether it's central bank demand or investment or jewelry or even small uses in industrial demand, different things can drive gold at different times.
And look, it's not a flash in the pan, as you've said.
Uh yes, we're just about at all times.
Highs, but we've hit all time highs 30 times this year, according to uh London Bullion Market Association daily benchmark pricing.
So this is something that's been going on for a while, not just associated with the uh um, you know, with the recent uh escalation of tension in the Middle East.
But I'd argue that institutional investors are only partly involved.
that Western retail investors actually haven't been playing much of a role in gold this year or indeed over the last couple of years.
It's been buying from emerging market uh buyers of all types, whether that's jewelry, whether that's emerging market central banks, whether that's emerging market financial investors, or whether that's emerging market buyers of bars and coins.
I don't think it's a bubble.
Um I do think there is a quite a lot of speculative money, short-term, speculative money that's plays gold via various exchanges, particularly the Comex Futures Exchange in New York.
They hold some decent long positions at the moment, so there is a a bit of froth in the market.
But um I wouldn't call it a bubble.
I think the other thing I'd say is work we've done suggests that future returns for gold should be as something along the lines of um
US inflation plus maybe two to three percent.
Okay, so let's pretend US inflation is two percent.
I'm sure it will be again soon.
You would'd be expecting four to five percent nominal returns in gold.
Showing 261–280 of 553 · page 14 of 28
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