Climate change impacts are likely to bring economic, financial, political, and even social disruptions across the world, which could trigger ‘safe-haven’ demand for Gold. 

While Gold mining is one of the most carbon-intensive mining activities, our precious metals analyst thinks its high value, the small quantity mined, and the circularity of Gold − 30% of annual supply is recycled, with a minimal carbon footprint − brings overall lifetime emissions below other metals, making its story more positive.