News Bureau

 
 
March 26, 2020

COVID-19: We are in this together!

David Tait, CEO, World Gold Council said, we are in this, together! As the impact of COVID-19 is felt around the world I hope that you and your friends and family are safe. We are constantly monitoring the evolving situation around COVID-19 and taking proactive steps to safeguard all employees.

It is not business as usual, but we are functioning close to normal with most of our employees working from home. I am immensely proud of the way my team has adapted to the current situation, juggling their lives to the best of their abilities.

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 dot com bubble bursting, and the Global Financial Crisis. But this is different. We are reeling the wake of a health and economic shock which monetary and fiscal policy is ill-equipped to deal with.

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 the future.

If we can help you in any way during this period, please do reach out to us. Stay safe and healthy.