Randall Oliphant has been revealed as the World Gold Council’s new chairman. Oliphant is a key figure on the gold industry most notably as executive chairman of Canadian gold producer New Gold inc, and has worked in the industry for nearly 30 years.
The WGC is the market development organisation for the gold industry and works within the investment, jewelry and technology sectors whilst engaging in government affairs.
The WGC role is to provide industry leadership and to stimulate and sustain demand for gold.
Since taking up his new position as chairman Oliphant has been speaking about current trends and what he hopes to achieve for the WGC.
Oliphant commented that the strong physical buying we have seen since April is likely to continue and may well be the start of a future trend that will be here for decades.
He went on to say he is keen to encourage what he calls the “real customer who likes to hold gold for the long term” as these really help build the foundation for gold. This is a move away from the large investors and hedge funds and a move towards “real customers”.
Looking globally particular attention is placed on Asian buyers and the increasing middle class of both China and India, whilst in Europe there is positive opportunities for countries such as Switzerland who historically have placed high emphasis on gold.
Speaking of his role at the WGC Oliphant said he hoped to continue building on the importance of holding gold as a means of portfolio diversification and enhancing the awareness of gold correlating with other asset classes.
There is also talk of the development of new gold products which is for now under wraps, however watch this space for news on this topic to come