PRECIOUS METALS

"Looking back 30 years, people did not even predict the fall of the Berlin Wall"

Senior economic commentator George Magnus said "a degree of humility" was required as he looked to map the global economy to the mid-century for the World Gold Council's Gold 2048: The next 30 years for gold.

Staff reporter
Economist George Magnus adds to WGC’s Gold 2048 outlook

Economist George Magnus adds to WGC’s Gold 2048 outlook

"Looking back 30 years, people did not even predict the fall of the Berlin Wall or much more that was to follow," he noted.

However, the economist, author and Associate at Oxford University's China Centre said there were certain trends and patterns that provided useful guidance for the next three decades.

He said across the globe, ageing societies and inflation posed a long-term threat and the impact of artificial intelligence remained unknown "and possibly unknowable".

Amid rising geopolitical tensions, climate change and unwanted migration flows, the world could be a volatile place, he added.

"In such an environment, gold may prove an effective investment for the coming decades," he said.

Gold council CEO Aram Shishmanian said four broad themes stood out in the compilation of contributions from independent experts and members.

Namely, economic growth was good for gold, technology was likely to become an increasingly important sector, the gold mining industry would be challenged to produce as much gold in the next 30 years as it has done recently and finally, production methods and stakeholder relations must evolve if the industry was to make a meaningful contribution to society over the next 30 years.

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