The gold price
Gold Investment "still supported" from safe-haven perspective - 1 April 2009
Gold Investment is heading for its best quarter in a year as people continue to favour its safe-haven status, Bloomberg reported yesterday (March 31st).
Investors have been piling into the yellow metal in recent months as they seek a store of wealth against the current backdrop of economic crisis and huge government spending.
Darren Heathcote, head of trading at Investec Bank Ltd, has explained that this trend looks set to continue as Buying Gold offers a safe haven, while other asset classes are suffering.
He told the news provider: "From a safe-haven stance, gold remains supported."
The plight of the dollar - which tends to move in the opposite direction to gold prices - is one of the main reasons why investors are attracted to gold in the current climate.
Stephen Platt, a commodity analyst at Archer Financial Services in Chicago, explained that the greenback is not being helped by the range of stimulus packages being issued by the US government.
"The dollar is still under some pressure," he told the Daily Telegraph.
"There's growing concern that the US monetary base is expanding. That's helping foster renewed buying interest in gold."
Want to Buy Gold but unsure how to do it? For dealing spreads of $3 per ounce – plus secure, professional storage in Zurich, Switzerland for just 0.12% per year – click through to BullionVault now...
Investors have been piling into the yellow metal in recent months as they seek a store of wealth against the current backdrop of economic crisis and huge government spending.
Darren Heathcote, head of trading at Investec Bank Ltd, has explained that this trend looks set to continue as Buying Gold offers a safe haven, while other asset classes are suffering.
He told the news provider: "From a safe-haven stance, gold remains supported."
The plight of the dollar - which tends to move in the opposite direction to gold prices - is one of the main reasons why investors are attracted to gold in the current climate.
Stephen Platt, a commodity analyst at Archer Financial Services in Chicago, explained that the greenback is not being helped by the range of stimulus packages being issued by the US government.
"The dollar is still under some pressure," he told the Daily Telegraph.
"There's growing concern that the US monetary base is expanding. That's helping foster renewed buying interest in gold."
Want to Buy Gold but unsure how to do it? For dealing spreads of $3 per ounce – plus secure, professional storage in Zurich, Switzerland for just 0.12% per year – click through to BullionVault now...
Goldbug, 01 Apr '09
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