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Share Price:
Up 1,598.50p
Change Today:
8.00p
Market Cap:
7,570m
Sector:
Mining

Bitcoin may pose multi-year headwind for gold, JP Morgan says

By Alexander Bueso

Date: Wednesday 09 Dec 2020

LONDON (ShareCast) - (Sharecast News) - Gold may be in for a bumpy ride over the medium to long-term if institutional investors continue to shift away from the yellow metal and towards Bitcoin, a JP Morgan strategist argued.

Since October, nearly $2bn had been funneled into the Grayscale Bitcoin Trust, while exchange-traded funds backed by gold had registered outflows of $7bn.

Over the short-term, the price of Bitcoin had probably overshot, strategist Nikolaos Panigirtzoglou said, according to Bloomberg.

However, should that trend continue, then on longer time scales "the price of gold would suffer from a structural flow headwind over the coming years," they reportedly said.

The investment bank estimated that family offices had just 0.18% of their assets invested in gold, against 3.3% in gold exchange traded funds and even small shifts towards Bitcoin would see billions in cash go its way.



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POLY Market Data

Currency UK Pounds
Price 1,598.50p
Change Today 8.00p
52 Week High 2,050.00p
52 Week Low 1,389.50p
Volume 447,777
Shares Issued 473.58m
Market Cap 7,570m

Performance Indicators

Compare performance with the sector and the market.

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Income
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Growth
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Price Chg 6m
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Dividend Yield
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EPS Growth
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Operating Margin
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What The Brokers Say

Strong Buy 10
Buy 1
Neutral 4
Sell 1
Strong Sell 0
Total 16
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

POLY Dividends

  Latest Previous
  Final Interim
Ex-Div 06-May-21 03-Sep-20
Paid 28-May-21 25-Sep-20
Amount 89.00¢ 40.00¢

Trades for 22-Jun-2021

Time Volume / Share Price
13:54 75 @ 1,598.50p
13:54 175 @ 1,598.50p
13:54 90 @ 1,599.50p
13:54 75 @ 1,599.00p
13:53 54 @ 1,598.50p

POLY Key Personnel

Chair Ian Cockerill