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Juan Carlos Artigas

Executive Director, Head of Research

World Gold Council

Juan Carlos Artigas joined the World Gold Council (WGC) in 2009 and is the Head of Research. He and his team focus on developing timely insights on the gold market including drivers of demand, supply, and performance as well as key attributes of gold as an investment and its role in investor portfolios. 

During his tenure, Juan Carlos has reshaped the organization’s approach to research through robust and comprehensive financial analysis incorporating findings from gold physical and derivatives markets and their link to macroeconomic and geopolitical dynamics. This perspective has informed the development of WGC’s Gold Valuation Framework, an academically validated methodology for understanding gold performance.

Previously, Juan Carlos worked at JPMorgan Securities as a US and Emerging Markets fixed income strategist. In this role, he developed sovereign- and corporate-debt valuation frameworks and contributed to leading US and Emerging Markets financial publications.

Juan Carlos holds a BS in Actuarial Sciences from ITAM (Mexico) and an MBA and MS in Statistics from the University of Chicago. He was also a candidate for Doctor of Philosophy in Econometrics and Statistics from the University of Chicago.

Juan Carlos Artigas
Executive Director, Head of Research
World Gold Council

On Twitter: Juan Carlos Artigas discusses measuring gold’s performance, in response to an earlier tweet: https://bit.ly/2ZgMnCE

@BrianFeroldi @efmacpherson @JReade_WGC agreed, tons of interesting stuff – understandably common but inaccurate way to measure/compare gold's performance, most of which we cover in 'The relevance of gold as a strategic asset': https://bit.ly/2W2T6ha

1) As per @efmacpherson, gold and the dollar were pegged till 1971; need to disentangle that effect to go that far back; seen from the currency lens, gold has considerably outperformed fiat money

Juan Carlos Artigas
Executive Director, Head of Research
World Gold Council

The Fed cuts rates, increasing gold’s allure

The US Federal Reserve (Fed) announced an emergency 50bp rate cut yesterday, bringing the Fed funds rate down to a 1-1.25% range, in response to ongoing concerns about the potential impact of the coronavirus outbreak to the global economy. Treasury bond rates followed suit, with the 10-year note hovering 1% at the time of writing – an all-time historical low

Juan Carlos Artigas
Executive Director, Head of Research
World Gold Council

Key trends to watch as we conclude 2019

As 2019 comes to an end and 2020 begins, we believe that:

  • Financial and geopolitical uncertainty combined with low interest rates will likely continue supporting gold investment demand
  • Net gold purchases by central banks will likely remain robust even if they are lower than the record highs seen in recent quarters
  • Momentum and speculative positioning may keep gold price volatility high
  • Gold price volatility and expectations of weaker economic growth may result in softer consumer demand near term
  • But structural economic reforms in India and China will support demand in the long term.

Note: our comprehensive annual Outlook will be published by mid-January 2020.