Catherine Raw’s Perspective on Gold

During the Fortune’s Most Powerful Women International Summit, Catherine Raw, COO of Barrick Gold, shared her views on the enduring value of gold compared to cryptocurrencies. She stated,

“The very tangible nature of gold is what keeps a special place for it. So it will always have value, whatever the price is, I don’t know, but it will not be zero.”

This metaphorical golden thread suggests that, unlike cryptocurrencies, which are as volatile as my Aunt Mabel’s mood swings, gold maintains its turf.

The Indispensable Nature of Gold

Raw emphasizes that gold’s utility in jewelry and electronics guarantees it some level of value in society. If you’ve ever seen a wedding ring, you know there’s a bit of pressure there. Gold isn’t going to go extinct any time soon. Conversely, cryptocurrencies could vanish into thin air, potentially leaving holders feeling like they just misplaced their car keys—only much, much worse.

Young Investors: Where Did They Go?

Raw expresses a desire to reel in young investors who, until now, have shunned the glimmer of gold for the shiny allure of crypto assets. She lamented that gold buyers tend to be considered “old fogies who are buying it because they’re scared of the world.” Newsflash: Scared or not, the gold industry needs to innovate its image. It would be great to see campaigns that portray gold as the funky, eco-friendly pet rock of the investment world. Come on, who wouldn’t want that?

Changing Demographics in Gold Investments

The gold sector, according to Raw, is currently missing the mark by failing to tap into a younger demographic that’s seen as the driving force behind modern investing trends. The challenge is to transition from being perceived as a relic of the past to becoming a suitable and appealing investment choice. Think of it as a makeover reality show but for metals. It’s time the gold industry garners some social media clout!

Blockchain and Gold: A Glimmer of Hope

The recent announcement from Turkey’s Istanbul Clearing, Settlement and Custody Bank (Takasbank) about a blockchain-based platform for trading gold could also help rejuvenate this ancient metal in technological terms. With this platform, transferring physical gold stored in the Borsa Istanbul Stock Exchange could soon be as easy as sending an emoji. Who knows? This fusion of gold and blockchain technology might just woo the young crowd back from the crypto clubhouse.