Gold may not be over despite its recent rally

Published on October, 30th 2020Market and research
Winter in... Coming?

Stéphanie BIGOU

Portfolio Manager

[Invest. Pro.] Intended for Professional Clients in accordance with MIFID.

Written by Stéphanie Bigou, Global Macro Portfolio Manager at Seeyond, on October, 30th 2020


Whether the crisis is financial, economic or health-related, the behavior of investors towards gold in times of turbulence on risky assets has remained the same for decades: purchases of yellow metal are multiplying in order to protect portfolios. Indeed, gold is considered as a "safe haven" asset that makes it possible to offset all or part of the losses recorded on equities. The Covid-19 crisis we are going through is no exception to the rule and the current craze for gold is not waning.

In this paper, we seek to objectively analyze:

  1. What is the true investment status of gold?
  2. What are the links between gold and currencies?
  3. What are the main factors influencing gold?


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This article has been provided for information purposes only to professional clients as defined in the MiFID Directive. It must not be used for retail investors. The provision of this material or reference to specific sectors or markets in his article does not constitute investment advice or a recommendation or an offer to buy or sell any security. Investors should consider the investment objectives, risks, and expenses of any investment carefully before investing. Views expressed in this article as of the date indicated are subject to change and there can be no assurance that developments will transpire as may be forecasted in this article.