Gold News

Gold Bullion 'weathering concerns over Goldman'

Gold Bullion and other precious metals are said to be "weathering" the financial storm created by the Goldman Sachs situation.

That is according to Yuki Sonoda, adviser at Japanese commodity brokerage Daiichi Commodities, who said that the commodities market was reacting well to the financial implications of the Goldman scenario, as well as that of the Greek economy, according to Reuters.

She told the news provider: "Precious metals look to have already taken in stride the Goldman shock. Some say it was a one-day shock and that it's over, but I'm more cautious.

"Thanks to buoyant earnings from US companies including IBM, precious metals are weathering concerns over Goldman as well as Greece."

Matt Zeman, a metals trader at LaSalle Futures Group in Chicago, has suggested that the safe haven attributes of the precious metal will mean that demand will remain strong, even if Gold Prices fall.

He told Bloomberg's Business Week: "Given these sovereign-debt issues, you’re going to continue to see safe-haven buying come into gold. Price declines are still being met with aggressive buyers."

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