Hathaway, managing partner of Sprott Asset Management, says less than 1% of most investment portfolios are allocated to gold, showing how the asset is misunderstood. Reallocating just 2-3% to gold could push up prices by $1,000 per oz., he said.
“Positioning in gold is still incredibly low among mainstream investors,” he said during a keynote discussion with Stöferle, managing partner at Liechtenstein-based Incrementum. “Yet, with today’s new record, we are already seeing signs of the market shifting.”
Central banks
Stöferle, who publishes the annual In Gold We Trust report, said central banks have been soaking up as much as 30% of annual global gold production. In the first half of 2023 alone, central banks purchased 483 tonnes of gold — a record, according to Stöferle’s data — since sanctions against Russia began in 2022.
“It’s clear that we’re seeing a de-dollarization trend, with emerging markets…
