Dubai's massive gold trade set to increase - Hathaway
In 2013, almost 40% of the world's physical gold trade was said to have moved through Dubai and its value grew to $75 billion, compared with $6 billion in 2003
Posted: Wednesday , 09 Apr 2014
DUBAI (Zawya.com) -
Dubai's gold trade volumes should continue to grow so long as the emerging middle classes in Asia continue to grow and prosper, forecasts John Hathaway, US-based analyst and portfolio manager for Tocqueville Asset Management.
He was addressing over 450 industry professionals at the Dubai Precious Metals Conference in Dubai.
"Dubai is a distribution point to all parts of Asia and that level of flow is dependent on the prosperity of the emerging middle classes in various Asian economies. So, as long as that continues I can't see anything stopping that flow," added Hathaway.
Hathaway, whose comments were made after delivering his keynote titled 'Where Is Your Gold', went on to explain the supply and demand dynamics of physical gold, justifying his forecasts for future Dubai gold trade volumes....…
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