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“Everything is flight to quality—U.S. dollar and Swiss franc but, not gold,” says Grady. But, he also warns that investors shouldn’t necessarily get short the yellow metal. “If there is a currency crisis, you don’t want to be short gold,” noting that any moves out of paper currencies could be fast and furious. “Very dangerous to short gold,” says Grady.
In a recent report, Barclays Capital Management analysts writes that while gold has “failed to differentiate itself as a safe-haven asset” in the short-term, the macro backdrop remains positive.
RBC’s Gero agrees and suggests that investors use this dip in prices to find an entry point into the market. “Every time we have had a sell-off, it’s turned out to be a buying opportunity,” he says.
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