Gold strategist Jeff Currie predicts continued volatility but long-term upside
Jeff Currie, chief strategy officer at Altis Partners, says short-term gold price swings will persist, while central-bank buying supports a higher long-term trend.
Gold prices are expected to remain volatile in the near term, but market veteran Jeff Currie sees a longer-term upward trajectory for the metal. Currie, who recently shifted his positioning from short to long on gold, cited sustained demand from central banks as the primary driver. He told CNBC’s “Squawk Box Europe” that recent sell-offs were “transient,” noting that countries sold gold to raise cash amid oil-export disruptions and other short-term pressures.
"You sell what you can, not what you want to," Currie said. "If you're looking at a way to protect yourself from any type of sanction risk or somebody messing with your reserves, gold is your safest bet," he added. He explained that central banks, especially in emerging markets, are increasing domestic bullion holdings to diversify away from assets that could be frozen or sanctioned. A World Gold Council survey released in June showed a rise in such holdings amid geopolitical tensions and inflation concerns. While acknowledging that gold, silver and other hard assets will likely experience “spikes across all these commodities,” Currie said the overall price range is shifting higher.