Veteran investor Mark Mobius is bullish on gold as central banks around the world cut interest rates.
Gold can retain its value much better than other forms of currency, and is traditionally a safe haven during market volatility.
"At the end of the day, gold is a means of exchange. It's a stable currency in some way," said Mobius.central bank demand for the yellow metal amid global macroeconomic uncertainty.reported the World Gold Council."Deep down inside, the central bankers do believe in gold, but they don't want to say it because ... they won't be able to create new currency," said Mobius.
That was similar to data from 2018 when 12% of such central banks bought gold, giving rise to 652 metric tons of central bank gold demand — the highest level on record under the current international monetary system, noted the World Gold Council.
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