Gold breaks through the $5,000 mark as global uncertainty sparks investor boom

Stephen Grootes speaks to Peter Armitage, CEO of Anchor Capital, about the global surge in gold prices and how geopolitical uncertainty under President Trump is driving investors into safe haven assets.

Listen to the interview in the audio player below.

The gold price reached an astonishing milestone on Monday, surpassing $5,000 (R80,000) an ounce for the first time in history.

The demand for the the precious metal is being driven by investors around the world who are nervous about the global economy and ongoing geopolitical tensions. When people feel uncertain, they often turn to gold as a “safe haven” to protect their money. 

Central banks have also been buying large amounts of gold, pushing prices even higher.

As a result, the price jumped sharply, with gold briefly trading above $5,100 an ounce, recording its highest ever price in an extraordinary and historic surge.

Speaking to Stephen Grootes on The Money Show, Peter Armitage, CEO of Anchor Capital says geopolitical uncertainty under U.S president Donald Trump is driving investors into safe‑haven assets.

"There's a double-whammy for gold. One is Trump's behaviour, and the effects it's having on U.S confidence and the dollar. The weaker the dollar gets, the more people are rushing into gold, because there's no other really attractive currency."

- Peter Armitage, CEO - Anchor Capital

"In financial markets you see this happening to some asset classes from time to time, where it literally just goes parabolic, and people are just buying in a frenzy in the expectation the price will get higher."

- Peter Armitage, CEO - Anchor Capital

"In inflation adjusted terms, the highest price for gold as of six months ago was R3,800. That's about 50%-60% higher that it's ever been."

- Peter Armitage, CEO - Anchor Capital

Scroll to the top of the article to listen to the full interview.