Rising GDP in Chindia Will Save Gold Demand
Frank Holmes chatted with Kitco News' Neils Christensen at the Silver & Gold Summit in San Francisco, which also happened to be the first day of Diwali.
Frank Holmes chatted with Kitco News’ Neils Christensen at the Silver & Gold Summit in San Francisco, which also happened to be the first day of Diwali. Also known as the Hindu festival of lights, Diwali typically lasts for five days and is an important part of global gold demand. Gold gift giving during the celebration is considered auspicious and demand historically spikes around this time of year – we call this the Love Trade. However, with gold prices at record highs in India, demand has fallen this year. Frank says this is not a concern due to rising GDP per capita of the middle class in Chindia, or China and India, which are the two largest gold consuming countries.
For Frank’s full explanation of the Love Trade and gold demand patterns, watch the Kitco News interview below!
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All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor.
Holdings may change daily. Holdings are reported as of the most recent quarter-end. None of the securities mentioned in the article were held by one or more accounts managed by U.S. Global Investors as of 09/30/2019.
Standard deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is also known as historical volatility.
Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
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