Lack of trust in the gold space still represents a major barrier for growth, especially when it comes to attracting new investors, according to one fintech CEO.
Gold has experienced “a double perfect storm” this year as the COVID-19 pandemic exacerbated gold’s existing drivers, Goldex CEO Sylvia Carrasco told Kitco News on Tuesday.
“When you look at the graph of gold prices, it is clear that the increase in gold started at the end of 2018. The perfect storm was just beginning then. In 2019, we saw U.S. President Donald Trump’s trade deal issues, Brexit, U.S. dollar weakness, and debt getting out of control. And then COVID-19 hit in February. Talk about the double-perfect storm,” Carrasco said. “People forget about 2019 — the economy was sick, COVID just made it double-sick. And gold is the ultimate refuge for assets.”
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