Bhaskar Laxminarayan, chief investment officer for Asia and the Middle East at Julius Baer, is making an emphatic case for gold (GLD), (IAU), (SGOL), (OUNZ) accumulation despite recent price weakness.
“Please accumulate more gold at around current levels,” Laxminarayan said in an interview with CNBC, describing the pullback as a counterintuitive opportunity for investors.
The strategist attributed gold’s (XAUUSD:CUR) recent price decline to forced selling during periods of global uncertainty.
When investors needed immediate liquidity amid geopolitical tensions, gold became a go-to source of cash because of its tight spreads and ease of trading.
“Assets that were easier to sell or liquidate were gold… that’s partially what’s happened,” Laxminarayan explained, adding that potential supply from Russian sellers following sanctions-era accumulation may also be a factor.
Laxminarayan sees gold playing a larger role as the world transitions from a bipolar to a multipolar economic structure, a shift he says has become “much more pronounced since 2025.”
He noted that gold is reclaiming ground that cryptocurrency once threatened to take.
“In such a scenario, gold (XAUUSD:CUR) suddenly comes back because Bitcoin (BTC-USD) was supposed to be that replacement,” he said, citing ongoing concerns about regulation and quantum computing as reasons for Bitcoin’s diminished appeal.
The CIO emphasized that gold’s (GLD) relevance today stems not from its traditional role as an inflation hedge but from broader shifts in global trade and monetary systems.
Laxminarayan suggested the world is taking “one step towards” a renewed gold standard as nations build independent financial relationships.
For investors looking to act on his recommendation, Laxminarayan prioritizes physical ownership over paper alternatives.
“Your number one option is to buy physical bars of gold and store them,” he advised, noting that paper gold products can have uncertain backing. Traders seeking short-term opportunities can use options strategies to capitalize on elevated volatility.
The strategist also stressed the importance of geographic diversification in gold storage, warning that government seizure remains a real possibility during crises.
“Location and that’s why having locational diversification in your world ownership [is] very important,” he cautioned, pointing to historical examples of voluntary and forced gold confiscation during national emergencies.
Gold and Gold Miner ETFs: (GLD), (IAU), (SGOL), (OUNZ), (BAR), (GDX), (GDXJ), (NUGT), (RING), and (DUST).
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