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.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Oct 2025 with 1.
Appearances
Now last year, twenty twenty three, it was up fifteen percent.
Year to date in twenty twenty four, it's up about twenty eight percent, both in US dollars.
So
Couple of points from that.
Investors shouldn't expect the sort of returns they've seen in gold over the last two years to be repeated forever.
This is an asset that should deliver more modest returns on average over the long term.
But I think the second thing it tells you is that something has changed in the gold market to deliver those strong returns that we've seen over the last two years.
Well, I th I I think again the performance of gold over the last couple of years is really instructive.
Interest rates hadn't been zero over the last couple of years, as we all know.
The Fed's hiked rates a lot and is only now starting to to lower them.
Similarly, the US dollar has been strong, hitting a twenty year high by some measures last year, and yet gold has been strong.
So again, I think it's a clear indication that the historic drivers, Western investment, which is typically what has been driving gold higher, that's not as important anymore.
Emerging market buyers have been buying gold for more domestic financial conditions
circumstances and political conditions rather than reacting to the US dollar.
And I think that's really interesting because emerging market buyers have long dominated the consumer demand for gold, particularly in the jewelry, with China and India being the biggest markets.
But now what we're seeing is that their investment demand, which really is the the thing that drives the price higher, it's investment demand from emerging markets that's been driving this.
So now we're in a really interesting situation because obviously interest rates seem to be coming down around the Western world.
That's usually a good time for gold.
There's a lot of talk that the US dollar might decline by five to ten percent over the next year or two.
That's very good for the US dollar gold price.
Showing 281–300 of 553 · page 15 of 28
← Previous
Next →