"We're seeing Eastern European countries show up: Poland, we see Hungary, just buying tons of gold. I think it's really significant on that transition that's taking place. And all the Indians, all the women that have bought gold, now there's seeing it reward because the rupee has continued to fall," Holmes told Kitco News.
Holmes said that gold has been exceptionally resilient to low real interest rates, owing to foreign investor capital, as well as central bank purchases.
Additionally, U.S. equities face two significant headwinds: Trump tariffs and rising interest rates.
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.