HSBC’s Chief Precious Metals Analyst talks about the current themes in the gold market

– James┬áSteel, chief precious metals analyst at HSBC, said that gold’s move lower has been due to the vaccine rollout and safe-haven demand dipping due to the post-pandemic economic recovery.

“Many people attribute gold’s rally to the response after the COVID-19 pandemic, but gold was already rallying prior to that.

He was asked how do you approach information that comes from Inda or China? Steel said he looks at mine supply, jewelry sales and recycling as bedrock drivers of the gold market.

When asked about what he is hearing and being asked by gold investors, Steel said: “We have come off a red hot year of investment demand and that is cooling off.

On the subject of cryptocurrencies, Steel said he would not characterize cryptos as being a rival to gold.

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