Gold News

Gold buying spree has now become a 'treasure hunt'

A leading UK-based financial markets analyst firm has explained today (October 30th) that gold buying has been sustained in recent weeks, leaving bullion dealers short of supplies.

Reports have suggested that demand remains strong around the world despite the host of bank bailouts and monetary injections into the markets over the past few weeks.

Now Alex Wallenwein of the Market Oracle has pointed out the fact that people have been buying gold in large volumes for some time now with a view to a long-term investment.

He said: "Real investors in real gold are enjoying their shopping spree - except that the spree turned into a treasure hunt as the shelves and display cases of gold dealers look more and more like the supermarket shelves in the old Soviet Union - bare."

While gold prices have shown uncharacteristically high volatility in the past quarter, a number of commentators have claimed that the demand looks to be sustainable.

With the future of a number of financial institutions still on a knife-edge and recession looming in several countries, the safe-haven buying motivated by nervousness could be prolonged.

As Natalie Dempster, head of investment for North America at the World Gold Council, explains: "That's certainly indicative of the amount of fear in the market just now."

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