Covid-19 has set many investors into a panic. The majority of them have been liquidating their wealth and searching for safe havens to secure their wealth.
Most investors are rushing to secure their wealth in the dollar while many others are rushing for the gold. “Wise investors are putting their wealth in gold because they know what it has in terms of security in the face of this pandemic,” says Byron Woods.
According to Byron Woods, Gold, currently is the best value vehicle that investors can bank on to secure their wealth. He says the price of gold has increased by more than 34 percent in 2020 as investors rush to secure their wealth after the shocks from Covid-19.
“Covid-19 has affected so many businesses. Many investors are rushing to secure their investments into the US dollar and gold. This is because gold is safe, it is risk-off and investors always have confidence in it,” said Byron Woods.
Mr. Byron Woods was speaking during a live Webinar session organized by the Absa Bank of Kenya to talk about investing in gold and hedging against the market fall with gold investment.
On 29 th March 2017, Barclays Bank Kenya (now Absa Bank Kenya PLC) launched and listed the Absa NewGold ETF on the Nairobi Securities Exchange through the Absa Financial Services as the first and only product in Kenya through which institutional and retail investors can securely invest directly in gold bullion, with the added benefit of minimal administrative fees.
Kenya became the 7th market within the Absa Group family to launch this exciting proposition, which, valued at approximately USD 1.4Billion is the largest Gold ETF in Africa and the 8th largest in the world.
The NewGold ETF was first listed in South Africa in 2004 as the 3rd gold ETF in the world. The first gold ETF was launched in the US in 2003. Compared to traditional methods of purchasing and selling actual gold, ETFs offer a cost-effective way to get exposure to these precious metals.
“An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds.,” Mgwaba Michael , CEO of NewGold Issuer at Absa’s Corporate & Investment Banking division. “An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds.,” @MgwabaMichael , CEO of NewGold Issuer at […]
