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Bullion for immediate delivery, which rallied to as much as US$1,921.17 an ounce in September 2011, traded at $1,198.82 at 6:30 a.m. in New York, according to Bloomberg generic pricing. It’s risen about 1.2 per cent this year after losing 1.4 per cent in 2014 and tumbling 28 per cent in 2013.

‘Easier to Own’

Holdings in gold-backed ETFs totaled 1,621.7 metric tons as of Monday, 1.5 per cent bigger this year after contracting 9.3 per cent in 2014, according to data compiled by Bloomberg. The funds trade like shares, enabling investors to own bullion without taking physical delivery of it.

“The advent of ETFs for gold made it much easier to own gold and it really democratizes gold,” Fink said at the 2015 Credit Suisse Megatrends conference. “I don’t believe people believe gold is a great store of wealth today.”

The median sale price for existing condos in Manhattan jumped to a six-year high of $1.3 million in the first quarter, driven up by buyers seeking alternatives to out-of-reach new developments, according to Corcoran Group, a brokerage. The average home price in Greater Vancouver reached$891,652 in March. In the U.K., asking prices for property climbed to a record in April as values in London rose 2.5 percent, Rightmove Plc said on Monday.

“It’s become much more accessible for global families worldwide to store wealth outside their country,” said Fink. “And they don’t have to own gold.”

Bloomberg.com