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Last year we said: 'Where there's gold, there's Philip Klapwijk ... talking about it.' As a matter of fact, Klapwijk was talking more about gold in the first half of 2008 than in the second half particularly as the 'traditional store of the wealth' failed to live up to its billing amid the credit crisis. With gold and Klapwijk strangely muted in the latter half of 2008, we expect questions about the future of gold to resurface in 2009. Klapwijk's view is the credit crisis expunged all liquidity from the market - even gold such was the drain on confidence - but reallocation of assets will see gold benefit. In Philip we trust.
"Once the dust settles, we will see some allocation back into gold, and gold will benefit."
LIFE OF PHILIP
Klapwijk was group economist for Consolidated Goldfields in 1987 where he was responsible for developing its economic scenarios, as well as participating in the work for the annual Gold Survey. He has worked for GFMS since 1989. But in the Nineties Klapwijk and his long-time colleague, Paul Walker, dragged GFMS from its obscure past as a division in the Gold Fields of SA fold, into the slightly more sexier, globe-trotting market spirit-level that it is today.