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Mark Bristow, CEO of the Canada-based gold miner, insists that there is little downside risk for gold right now. He also highlighted the precious nature of the metal and how it could be a better alternative store of value than cryptocurrencies.
better inflation hedge
Mark Bristow, CEO of Canada-based Barrick Gold, recently argued that there is little downside risk to gold, and investors seeking a hedge against inflation will choose the precious metal over cryptocurrencies, according to a report. The CEO made these comments despite some analysts predicting the precious metal will average $1,683 in the fourth quarter of 2022.
as before report Gold traded above $1,900 in early 2021, down nearly 4% by the end of the year, according to Bitcoin.com News. According to a report, the metal’s pullback in 2021 appears to coincide with a period of soaring inflation.
However, while the precious metal has fallen significantly since the beginning of 2021, Bristow interview In fact, gold is heading for better times.
“The risk is on the upside. I don’t think there is a big downside risk,” Bristow was quoted as saying.
The Crypto vs Gold Debate
CEO, he was suggestion “Nobody believes in fiat money anymore,” used a recent interview to re-share his thoughts on the gold vs. cryptocurrency debate. He explained:
Look at gold and its precious properties – you can’t print it, you can’t make it. You can make cryptocurrencies, there are many of them. This is always good for gold when you are in a dynamic phase like we are now and the world is full of uncertainty.
Still, despite Bristow’s optimism, gold has averaged below $1,850 since the start of 2022, a figure more than $200 below the all-time high of over $2,070 set in August 2020.
What’s your take on this story? Let us know what you think in the comments section below.
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