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Gold buying outlook bullish, according to Bloomberg survey

A survey conducted by Bloomberg has revealed the full extent to which gold investment is being seen as a safe haven in response to the global economic turmoil.

Of the 31 traders, investors and analysts polled by the news provider, 28 said buying gold was worthwhile given the economic conditions.

Although the remaining three respondents advocated selling gold, the results still represent the most bullish outcome since the question was first posed by Bloomberg News back in April 2004.

This suggests that now would be a good time to buy gold as a long-term investment as the price is likely to increase in the future.

The accuracy of Bloomberg surveys is highlighted by the fact that last week's rise in gold price was predicted by traders in a census carried out over January 15th and 16th.

John Meter, an analyst at UK stockbroker Fairfax, recently expressed his confidence that the price of gold would climb in response to the amount of money being put into the global economy by governments as they attempt to spend their way out of the recession.

"Longer-term, the stimulus plans by the United States and printing of money are likely to lead to devaluation of the dollar which will lift gold prices," he told Reuters.

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