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Gold may not offer sound portfolio protection and government bonds could attract haven flows, Hannah Anderson, a global market strategist at JPMorgan, said in an interview with Bloomberg TV.

Key quotes

In the next downturn, I do believe that bonds still could be defensive assets.

There are very few certain environments in which gold does well, and it’s not necessarily the case that 2020 won’t be any of those. 

Gold rallied over 18% in 2019 on the back of the US-China trade war and due to Federal Reserve three interest rate cuts. 

JPMorgan in December made the case for a risk-on investment allocation for 2020 as the global economy gathers momentum in the wake of the recent slowdown, according to Bloomberg.