Akshaya Tritiya is one of the most auspicious occasions in Hindu religion. The word Akshaya means ‘Eternal’ and Akshaya Tritiya is thus considered an auspicious day for, among other things, starting a business, buying a property or making an investment. Buying gold on Akshaya Tritiya is believed to bring good fortune and prosperity. On the day itself, there is even a specific time period which is seen as auspicious for buying gold – the shubh muhurat.
We often get asked about cryptocurrencies and whether they represent a potential replacement for gold, as well as what role, if any, bitcoin should play in a portfolio.
I spent a few days in Dubai last week conducting field research speaking to jewellers and bullion dealers as well attending the Dubai Precious Metals Conference.
In March the amount of gold that left Shanghai Gold Exchange vaults - also known as the SGE loadouts - hit 218t. This is a chunky number. It is the highest March on record, almost 30% higher than the average monthly loadout since the start of 2016 and a 13% increase on March 2018.
Central bank statistics for February 2019 are now published. You can read a summary of the key findings here.