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Several factors are expected to drive the next gold boom, including continued central bank buying, rising inflation and economic uncertainty, and increased demand from emerging markets like India. Additionally, the potential for a BRICS+ currency backed by gold and advancements in fintech that make gold more accessible are also seen as potential catalysts, according to some financial analysts.
Here’s a more detailed breakdown:
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Central Bank Demand:Central banks around the world, particularly in non-OECD countries, have been increasing their gold reserves, and this trend is expected to continue.
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Inflation and Economic Uncertainty:Gold is often seen as a safe haven asset during times of economic instability and high inflation, and growing concerns about these factors are likely to boost demand.
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BRICS+ Currency:The possibility of a BRICS+ currency backed by gold could significantly increase demand for gold as countries seek alternatives to traditional fiat currencies.
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Fintech Advancements:Innovations in financial technology are making it easier for a wider range of investors, including younger generations, to access and invest in gold through platforms like gold-backed ETFs, according to TANAKA Precious Metals.
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Increased Demand from Emerging Markets:Emerging markets like India are experiencing rising demand for gold due to economic growth and cultural preferences for the precious metal.
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Jewelry Demand:While not the primary driver, jewelry demand remains a significant portion of overall gold demand, particularly in countries like China.
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Potential for New Gold Discoveries:Exploration and mining companies are actively seeking new gold deposits, which could further fuel the gold market.
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