Investment commentary: first quarter 2013

Published 26th April 2013

Categories: Investment

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Gold’s recent price weakness and the sizeable outflows from gold-backed ETFs have rekindled speculation about the end of gold’s bull run and generated comparisons to its 1980s decline. 
In this commentary, we discuss the limitations of the most common arguments and contextualise gold’s price pullbacks. We also examine structural shifts that the gold market has experienced over the last decade which have resulted in a robust set of demand factors, very different from that seen during the 1970s.