John Ciampaglia by Sprott Asset Management warns of turbulent times for the markets – tariffs and geopolitical uncertainties could drive the gold price to new heights. That is behind it.
• Expert sure: tariffs and uncertainties drive the gold price
• Central banks and investors buy more gold
• Gold as a safe harbor
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According to John Ciampaglia, CEO of Sprott Asset Management, potential tariffs could trigger considerable market turbulence on gold, silver, uranium and copper and drive up the prices. Also the changing global Monetary policy play a crucial role in this. Gold – traditionally regarded as a safe haven in times of crisis – is now increasingly prompting investors to invest in the precious metal, according to Ciampaglia.
Expert sees new tariffs as a gold price driver
As part of an interview with the Goldgesellschaft Kitco at the BMO Global Metals, Mining & Critical Minerals Conference 2025, Ciampaglia said that the USA was particularly affected as a net importer of these metals. He warned of the effects of new tariffs on pricing and asked the question: “If you occupy these things with tariffs, how will this affect pricing? Will we see split prices?” There are already price differences for uranium and copper between the USA and other markets, which leads to arbitrary businesses.
In addition to the trading tariffs, according to Ciampaglia, further factors are driving up the gold price. The uncertainty in global monetary policy and the continuing purchases of the central banks lead to an increased interest in physical gold. In an interview with Kitco, the expert emphasized that central banks “gold from the United States and Great Britain back to their own central banks”. This is a sign that gold “claims its role as a monetary metal”.
Western investors return: no end of the Goldrally in sight?
While western investors have shown little interest in gold in recent years, this would have changed. Western investors are now “net buyers of gold through ETFs,” emphasized Ciampaglia. This could further accelerate the price increase.
The discussion about the US gold reserves in Fort Knox and a possible return to the gold standard also continues. However, Ciampaglia asked a more crucial question: “Who actually owns the property rights on this gold?” There are uncertainties about how much of it has already been awarded, exchanged or pledged.
Gold price at a record level
Despite the uncertainties, the price increase of gold remains clear. “He doesn’t seem to want to slow down,” said Ciampaglia. However, rising metal prices meet hesitant investors who still feel the effects of past cycles. Nevertheless, Ciampaglia sees positive developments in the industry: improved cost control and better performance of some mining companies could in future let capital flow back in gold shares.
Editor finance.net
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