Global demand for gold appears to be dropping according to figures published by the World Gold Council earlier today. The asset had its weakest opening quarter since the global financial crisis of 2008.
According to CNBC, worldwide demand for gold was down seven percent year-on-year for the first quarter of 2018. The WGC apparently blamed the drop on around a 15 percent decrease in investment in gold bars.
Alistair Hewitt, the head of market intelligence at the trade group commented on the drop in demand: “Relatively solid global economic growth, coupled with the return of volatility in the capital markets in February, created a stable environment for gold in (the first quarter).” Gold is an asset that has traditionally been seen as a safe haven during times of global turmoil. This was particularly evident in the first three months of 2017 when heightened political uncertainty saw the price of gold rise.
Despite what Hewitt refers to as ‘relatively solid global economic growth’ there is still great uncertainty around the world. For example, troubles surrounding U.S. military operations in Syria are consistently portrayed in the media as a certain precursor to an imminent global conflict.
Yet still the price of gold seems stable. Bitcoin seems to represent almost all that gold ever did and more. Read more from altcointoday.com…
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