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Gold selloff fails to dent investor enthusiasm
By Henry Sanderson
Financial Times, London
Friday, March 20, 2020
Gold's lacklustre performance this week appeared to diminish the metal's "safe haven" status, as it declined for the second week in a row amid a global stock market selloff due to coronavirus.
But investors are still flocking to the precious metal in the hope of a rebound and protection against an even worse fall in other assets, from stocks to currencies and bonds.
... Dispatch continues below ...
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Gold has erased almost all its gains for the year and fell 3 percent on the week to trade at $1,503 a troy ounce in early trading today.
But on Thursday gold-backed exchange traded funds received inflows of 2.6 million ounces, equivalent to the annual gold production of a mid-tier mining company such as Australia's Newcrest Mining. Total holdings in gold-backed exchange traded funds were at a record of over 3,000 tonnes in February, according to the World Gold Council.
Online gold exchanges, which sell physical gold directly to customers, said they had seen record buying volumes. BullionVault, which allows investors to buy and store gold and silver bars, said net demand had reached a level not seen since the depths of the financial crisis in March 2009. ...
... For the remainder of the report:
https://www.ft.com/content/84f50eea-1eaa-4e88-9040-16f1944978f7
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