Juan Carlos Artigas

Global Head of Research

World Gold Council

Juan Carlos Artigas joined the World Gold Council (WGC) in 2009 and is the Global 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.

You asked – we answered: Gold surges in early March amid flight-to-quality

Gold surged past US$2,000/oz earlier this week, nearly reaching the previous 2020 record. This time, though, it was driven by continued concerns about the war in Ukraine, swelling commodity prices, and, more generally, the potential implications for the global economy. And while the gold price has come down from the week’s high, it’s still approximately 4% higher month-to-date. Against this backdrop, we are addressing the three questions investors have asked us most frequently in recent days.


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


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.