Value of gold demand surpasses $100bn in third quarter

THE value of global gold demand passed $100bn for the first time in the third quarter as investors flocked to the metal, said the Financial Times.Citing a report by the World Gold Council, the newspaper said interest in gold was driven by a “fear of missing out”.“Professional and institutional investors seemed to suffer a case of Fomo — fear of missing out — as gold’s performance repeatedly hit the headlines,” the council said.‘Fomo’ meant that falls in the price of gold have been shorter and shallower than normal as investors pounce on softer prices. “There’s lots and lots of people looking to buy gold on a dip,” said John Reade, market strategist at the WGC.“A lot of people like gold, they wanted to be in gold, but they didn’t have it [in their portfolio] in the first half of the year, for whatever reason.”Total demand for investments, such as bars, coins or backing for exchange traded funds, more than doubled to reach 364 million tons in the third quarter, according to the report.Inflows into gold-backed exchange traded funds hit 94 tons, a reversal after nine successive quarters of outflows. Family offices and wealthy individuals have been buying more gold in recent months due to concerns about government debt levels, particularly in the US, according to Reade.“Family offices tend to think in longer time horizons than retail investors. They think of generational wealth protection, the grandchildren — and they have become really concerned about debt levels, particularly in the US,” he said.The post Value of gold demand surpasses $100bn in third quarter appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com