Veteran strategist Jeff Currie, chief strategy officer at Altis Partners and senior advisor at Carlyle, has switched his positioning on gold from short to long, primarily driven by resilient central bank demand, especially from emerging markets such as China, Turkey, India and Poland. Gold experienced its worst quarter in 13 years in Q2 2024, partly due to sales by central banks needing to raise cash, but Currie describes these dynamics as transient. Over the longer term, central banks are looking to diversify reserves away from assets that could be frozen or subject to sanctions, making gold the safest option. Currie expects continued elevated volatility in precious metals, with higher spikes and higher lows.
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