The other, fee-based side of its business involves managing long-term investor assets in exchange-traded funds, mutual funds and money market accounts.

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On Thursday, Japan's central bank unveiled a plan to buy trillions of yen more in government bonds and other assets, as part of a new easing campaign to depress long-term yields and eventually revive the long-stagnant economy.

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If yields are low because investors demand less compensation for holding long-term assets, then financial conditions have become looser and the central bank, other things being equal, needs to continue tightening.

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In other words, we are likely to see long-term demand from these populations for gold and precious metal-related assets.

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