The answer to the question in the title is due to several factors.
First, higher negative interest rates influence negatively the price of gold, because gold is not an interest bearing asset.
Second, Bitcoin and cryptocurrencies seem to be perceived as an instrument to store value, which takes investment flows away from gold and other precious metals.
Given the two factors, one must remember there are other factors that can drive gold's price higher. Like excessive outstanding money, geopolitical uncertainty and buying from central banks.
All in all, gold and gold mining stocks are grossly undervalued in Wolfteam Ltd.'s corporate opinion.
That, however, has been the case for 3 years in a row now.
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