In an interview, Tait says he closed Credit Suisse’s gold trading desk as its return on capital was low compared with other asset classes, such as equities and foreign exchange. Traders cannot trade gold easily due to issues regarding transparency, custody and standards. All this makes it a rather complex and costly asset class to trade.
David Tait shut down Credit Suisse’s gold trading business when he was its global head of macro products group in 2014. Never did he think he would take the helm of the World Gold Council (WGC) as CEO five years later and become a proponent of gold as a strategic investment asset on the back of increasing global debt and currency debasement.
WGC, founded in 1987, is a membership organisation that champions gold as a strategic asset and aims to shape a responsible and accessible gold supply chain. Its 29 members have headquarters around the world and mining operations in over 45 countries, according to its official website.
