The Canadian venture capitalist opens up about the yellow metal increasingly going into the hands of Asians, including Indians
Gold, one of the world’s five most precious metals, is moving east, according to Ravi Sood.
In a recent media interview, the Canadian entrepreneur said the precious yellow metal was increasingly moving into the hands of Asians—Indians, Chinese or Russians—”who value it” more than people in western countries.
“Gold is moving east, and every year more and more gold in China, India, and Russia. It’s leaving loose holders and going into the hands of people who value it or view it just a very different way than most people in the West have viewed it for generations,” Sood told Palisaderadio.
“I can tell you this as a person of Asian background and as someone who has lived in Asia,” the chairman of Galane Gold said.
In fact, since ancient times, Indians have valued precious metals like gold and silver. In India, on the day of the Dhanteras festival every year (a festival associated with wealth and prosperity), sales of gold, either in form of jewellery or coins, touches one of its annual peaks.
“Until now, most investors have not given gold any attention. When gold moves higher, the valuations for gold producers can move exponentially”
Sood has also advocated gold as a serious investment class as against stocks. “Valuations of several companies can reach heights where there is little remaining upside. Today’s markets don’t bode well for most stocks, and plausible growth scenarios are doubtful from here,” he said.
On the other hand, he said, gold has had a good rally over the last couple of years. “The fundamentals have been decades in the making. Until now, most investors have not given gold any attention. When gold moves higher, the valuations for gold producers can move exponentially,” he said.
The venture capitalist expects a new round of mergers and acquisitions to take place soon, which should extend to smaller companies. “The coming mining cycle could rival the tech bubble of the 1990s. And soon we are going to see a severe detachment between the paper markets and physical,” he said.
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