Geopolitical tensions and diversification away from the US dollar may drive demand for gold from countries like China. However, with interest rates at 5%, gold is not expected to perform well as investors can get returns from the dollar.
"new Russian money, new Chinese money new Iranian money but all these guys will want to buy gold, particularly China forget about others and therefore indirectly anybody who feels here we should not put all our eggs in the US basket absolutely but there was one negative which because I never thought about it but was normally when interest rates are 5% gold is not supposed to go up because 5% you're getting for the dollar, I would think now don't buy it"
