Gold has already run 30 per cent this year to record levels, but there is still one ingredient missing that has been evident in previous bull markets which could propel prices higher.
“Gold is money. Everything else is credit,” said John Pierpont Morgan. This is actually a famous misquote.
What the head of the US bank that later became known as JPMorgan actually said was that when speaking about credit it “is an evidence of banking, but it is not the money itself. Money is gold, and nothing else.”
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Arian Neiron is managing director and head of Asia-Pacific at VanEck.
