Last checked at (Sharecast News) - Gold may be in for a bumpy ride over the medium to long-term if institutional investors continue to shift away from the yellow metal and towards Bitcoin, a JP Morgan strategist argued.
Since October, nearly $2bn had been funneled into the Grayscale Bitcoin Trust, while exchange-traded funds backed by gold had registered outflows of $7bn.
Over the short-term, the price of Bitcoin had probably overshot, strategist Nikolaos Panigirtzoglou said, according to Bloomberg.
However, should that trend continue, then on longer time scales "the price of gold would suffer from a structural flow headwind over the coming years," they reportedly said.
The investment bank estimated that family offices had just 0.18% of their assets invested in gold, against 3.3% in gold exchange traded funds and even small shifts towards Bitcoin would see billions in cash go its way.
19 Jan 2022 08:29
Centamin ends year in line with production forecasts
(Sharecast News) - Centamin reported annual gold production in line with expectations in its fourth quarter update on Wednesday, with 107,549 ounces produced in the three months ended 31 December, making for a 2021 total of 415,370 ounces for 2021, at the midpoint of its guidance.
Read more