Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- The gold market is holding solid ground near its highest level in seven weeks even as 10-year U.S. bond yields push closer to 5%.
In an interview with Kitco News on the sidelines of the London Bullion Market Association's 2023 Global Precious Metals Conference, John Reade, chief market strategist and Joseph Cavatoni, North American market strategist at the WGC, said that physical demand in Over-the-Counter markets could be playing a significant role in gold's resilient strength.
Cavatoni added that these family offices have assets under management in the billions of dollars and are starting to look at physical gold bought in the OTC markets as a way to preserve their wealth. At the same time, Cavatoni said that analysts are probably also underestimating gold demand from major pension funds, sovereign wealth funds and central banks. He added that many of those physical purchases are made in OTC markets and can be extremely difficult to gauge accurately.
"This could become a significant trend for the global market as Japanese consumers have a lot of cash savings, which makes sense when you have decades of deflation," said Reade.
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