Council on Foreign Relations 151d ago

“So historically, for the last fifty years, we had one major buyer of gold. And that was the institutional investor. . . . In 2022, we had a second buyer emerging: central banks. Last year, I realized now we have a third buyer emerging. It’s all those international companies’ portfolio managers that are holding U.S. dollar assets,” says Natasha Kaneva, managing director for global oil and commodities research at JP Morgan Chase & Co. “And so the message to us was, listen, U.S. is still the biggest economy. It’s not going anywhere. It’s the biggest liquidity, the biggest capital creation. But if U.S. assets is about 45 percent of my portfolio, it makes sense to start bringing this down to 43.” Subscribe to our channel: https://goo.gl/WCYsH7 This work represents the views and opinions solely of the author. The Council on Foreign Relations is an independent, nonpartisan membership organization, think tank, and publisher, and takes no institutional positions on matters of policy. Visit the CFR website: http://www.cfr.org Follow CFR on X: http://www.twitter.com/cfr_org Follow CFR on Facebook: https://www.facebook.com/councilonforeignrelations/