There is doubt if this will be the case for gold, as many argue that the price of gold has western in investment demand, due to the persistent strength of U.S. financial assets. In addition, many investors are concerned over negative interest rates appears to have lent some urgency to western investment demand—inflows to bullion ETF’s have exploded in recent weeks.

However, during the first 10 weeks of 2016, gold ETFs have expanded their bullion holdings by about 9 million ounces (about 19 percent year-to-date growth), or twice as much as the 4.5 million ounces shed during all of 2015. The uncertain future of gold prices raises confusion in the gold market, however, we believe the asset is likely to maintain its in increasing value.