While almost every major bank and financial institution being bullish on gold in the last 12 months, the appeal of the precious metal is now at record highs, with investment demand at levels never seen before, according to the latest data from the World Gold Council.
In its new Gold Demand Trends report, the Council says investment demand for gold increased 40% year-on-year in Q4 of 2020, driven by the global uncertainty provoked by the pandemic and policy actions as a result of COVID-19.
World Gold Council senior markets analyst, Louise Street said, “Despite outflows in Q4, gold-backed ETFs saw record annual inflows due to low interest rates and high levels of uncertainty, highlighting gold’s role as a safe haven asset. Bar and coin demand also saw a strong recovery in the second half of the year, showing that retail investor sentiment remained relatively stable in these volatile markets. Overall, we believe the effects of the pandemic are likely to reverberate into Q1 2021, and possibly beyond.”
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