Gold Buying finding favor as dollar is a 'ripe apple about to fall'
A prominent analyst has claimed today (September 29th) that Gold Investment still appears to be a sound long-term bet, Bloomberg reports.
The yellow metal has fallen back below $1,000 per ounce in recent days as investors conducted technical selling following its push into four-figure territory for the third time.
However, Ralph Preston from Heritage West Futures claimed that Buying Gold is still shrewd as the dollar - which moves in the opposite direction - is set for further losses.
"The dollar still looks like a ripe apple about to fall. Customers are coming in and buying gold on the dips," he told the news provider.
Meanwhile, the travails of the greenback were also highlighted last week in a new report by respected Canadian firm Sprott Asset Management.
The dollar is currently the world's reserve currency, but the hedge fund manager explained that the ongoing impact of the global financial crisis will put paid to that status.
"At the end of the day, when the world finally realises what the US has done to the world reserve currency, international investors will shift into an asset that no government can print," read one section of the report, according to Mineweb.
"In our opinion the US dollar's status as a 'port' in the financial storm has officially come to an end."
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