Hildebrand's reflections on the gold market

In the speech 'Reflections on the gold market' given on 26 June Philipp Hildebrand of the Swiss National Bank said even if gold has lost its role as an anchor for the international monetary system, it does not mean that it has become a commodity like any other.

In particular the investment motive is a much more important driver in the gold market than for other commodity markets. Changes in the desired gold holdings of central banks and private investors have a big impact on the gold price.

Despit

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