Gold Is a Window to the World (Video)
Kitco News interviewed CME Group’s Executive Director of Metals Products Harriet Hunnable, who talked about how the rise of China’s renminbi is opening up more trade for gold. While her analysis was a bit technical, Hunnable’s ultimate point was that gold is a “fantastic commodity” that holds universal appeal for trade. Rising demand for gold in Asia is just the latest reason to want it in your portfolio.
Highlights from the interview:
“More on-exchange trading [of gold] has happened. Consistent with the theme that we spoke about in Rome, Asia’s important, and what’s happening in India, what’s happening in China. These markets are really important in terms of demand centers, but also in terms of the trading that’s coming onto the exchanges from those centers is important too…
“I was in Asia last week, I was in Shanghai, and I’m really, really excited about how the renminbi market is coming along… The renminbi’s going to be a much more important currency than it was in the past… I think that people should be looking at the renminbi. That’s the market to watch…
“Gold is now traded in the renminbi as well as in US dollars. I think that’s very exciting. It provides more trading opportunities for our customers…
“Asian demand, China demand, India demand – those are really important. Gold is a fantastic commodity. It gives you an opportunity to have a window in so many different other factors, be it macro issues that come into play or very specific gold issues as to whether producers are making money or not or whether you’ve got a view on the US dollar. I think that the Asia story’s important, but gold’s universal. Whether you in Switzerland or you’re in New York or you’re in Hong Kong, people want to trade gold. Fantastic commodity…
“Last year, in 2014, in November, we had a new record for interest in gold options, and that’s building again very nicely… We’re seeing volume good but also information that’s coming through.”
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