The younger generation has no interest in gold, while older ones are actively investing in precious metal which recently updated all-time record high.
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Led by Nikolaos Panigirtzoglou JPMorgan Chase & Co. strategists figured out that millennials are more interested in alternative new assets but older ones are still buying gold, Bloomberg has learned.
"The older cohorts continued to deploy their excess liquidity into bond funds, the buying of which remained strong during both June and July," the strategists said.
Gold prices are up 25% year to date, while bitcoin (EXANTE: Bitcoin) is up to 38%.
The high demand for gold and bitcoin is driven, for the most part, by concerns in the foreign exchange market over the weak US dollar and the devastating effects of the coronavirus-related crisis.
Even though the US dollar as the world’s reserve currency is currently weaker than before the coronavirus-related crisis began, however, it has been the backbone of global financial infra, and that position is not going to disappear any time soon, Ripple CEO Brad Garlinghouse previously said.
At press time, BTC is trading at $11,670.
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