With the rapidly evolving Covid-19 situation globally, market development organisation World Gold Council (WGC) CEO David Tait indicated that, like most asset classes, gold has been affected by widespread, rapid-fire asset sales and a dash for cash.
“Notwithstanding recent price volatility, I believe gold is as relevant as ever and will play an increasingly important role in investors’ portfolios in the years to come. The long-term implications of ballooning budget deficits, negative real rates and debasement of currencies, should support gold in future.
“We are in the midst of an unprecedented crisis. I have worked at the heart of financial markets for over 30 years and thought I had seen it all: Black Monday, Asian Currency Crisis, the dotcom bubble bursting, and the global financial crisis. But this is different. We are reeling in the wake of a health and economic shock which monetary and fiscal policy is ill-equipped to deal with,” he states.
Tait mentions that the WGC is constantly monitoring the evolving situation around the spread of Covid-19, and is taking proactive steps to safeguard all employees.
He says that while the organisation is not continuing with “business as usual”, it is functioning close to normal with most of the employees working from home.