Theo Leggett, an international business correspondent for the BBC, reports on the surge in demand for gold amid increasing prices. Emma Siebenborn, from Hatton Garden Metals in London, displays a plastic tub filled with scrap gold jewelry worth £250,000. The recent rise in gold prices has led to a rush in buying and selling gold coins and bars. Zoe Lyons, the managing director of Hatton Garden Metals, notes the excitement and nervousness in the market due to the unpredictable changes in US trade policy. Despite the current high demand for gold, investors are wary of potential price fluctuations. Gold is considered a safe haven asset due to its limited supply and physical nature, offering protection against inflation. Exchange Traded Funds have contributed to the recent increase in gold demand, with large institutional investors driving up the price. The surge in gold prices can be attributed to market responses to political uncertainties, such as President Trump’s criticism of the Federal Reserve chairman. The decline of share markets, the weakening of the dollar against other major currencies, and the record-breaking rise in gold prices have all been recent trends. Gold’s surge in value is not solely attributed to the influence of the Trump administration.
Central banks have been increasing their gold reserves significantly since 2022, with some countries like Poland, Turkey, India, Azerbaijan, and China leading the way. This trend is seen as a move to build up reserves amidst economic and geopolitical uncertainties.
The fear of the weaponization of the dollar system has also been a driving factor for central banks to buy gold. This desire for independence from traditional banking systems has led to a significant increase in demand for gold.
Another contributing factor to the rise in gold prices is the fear of missing out, as new all-time records are being set. This sentiment has led to an increase in physical gold purchases.
While some experts predict that the upward trend in gold prices will continue, fueled by various factors such as US policy uncertainty, inflation, and central bank buying, others warn of a potential market bubble that could burst. The future of gold prices remains uncertain, with conflicting opinions on whether the trend will continue or experience a significant correction. Theo Leggett percaya bahwa jika terjadi perlambatan ekonomi tajam dan suku bunga dipangkas, harga emas bisa naik dalam jangka panjang.
Salah satu masalah bagi para investor adalah mencari tahu apakah harga emas yang mencapai rekor baru-baru ini hanya merupakan titik awal dalam kenaikan yang berkelanjutan – hingga lebih dari $4.000 misalnya – atau sudah mencapai puncaknya.
Simon French di Panmure Liberum percaya bahwa puncaknya mungkin sudah sangat dekat, dan orang-orang yang berbondong-bondong memasuki pasar sekarang dengan harapan mendapatkan uang besar kemungkinan akan kecewa. Orang lain telah memperingatkan bahwa mereka yang baru-baru ini tergoda untuk membeli emas karena histeria dan berita utama bisa merugi jika pasar berbalik arah.
“Spekulasi jangka pendek bisa kembali melawan, meskipun akan ada godaan untuk terus mengikutinya saat harga terus naik,” begitu kata Susannah Streeter, kepala uang dan pasar di Hargreaves Lansdown.
“Investor yang mempertimbangkan untuk berinvestasi dalam emas sebaiknya melakukannya sebagai bagian dari portofolio diversifikasi – mereka tidak boleh meletakkan semua telur mereka dalam satu keranjang emas.”
Kredit gambar teratas: Getty Images
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