Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.
The gold auction pushed prices to their historical low of $252.80 an ounce. Even today, 25 years later, this is referred to as the Brown Bottom, a reference to Gordon Brown, who was the Chancellor of the Exchequer at the time. I wanted to focus on how the world has changed in the last 25 years. In 1999, gold was seen as a pet rock, but today, it has reestablished itself as a globally essential monetary metal.
According to fund managers and market analysts worldwide, this official sector demand could dominate the marketplace for the next 25 years… well, okay, nobody actually said that, but for the foreseeable future. Gold demand as a monetary metal will only continue to increase if sovereign wealth funds are now starting to see value in holding some precious metal. Interestingly, SWFs don’t have to report their gold holdings to anyone, which means we will have to pay a lot more attention to flows in over-the-counter markets.
has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.
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