The chief executive officer of an Australian gold mining company says the boom in cryptoassets proves the need for more bullion in investor portfolios.
Speaking in an interview with Bloomberg TV, Sandeep Biswas, CEO of Melbourne-based Newcrest Mining Ltd., urged investors to buy gold as a hedge against the rising tide of cryptoassets. Biswas argued gold “may act as a bit of a hedge against the volatility of cryptos.”
Biswas dismissed the argument over whether cryptoassets would erode the appeal of gold, calling the latter a benefit to investors due to its stability.
He said,
Gold is a different class of investment. It’s a tangible asset: you can see it, you can touch it, you can feel it, you can mold it, you can make it into jewelry, whatever you want.
The Bloomberg report cited a note published by Goldman Sachs in December, saying that bitcoin and gold could coexist in the financial markets.
Goldman analysts concluded that while crypto-assets were stealing some of gold’s shine as a safe-haven product, the interest in precious metals would ultimately persist.
Featured Image Credit: Photo via Pixabay.com
