The head of Blanchard and Company has suggested today (March 6th) that Gold Investment will continue to rise as people look for a safe haven in the current economic climate, Mineweb reports.
Analysts at the firm have suggested that Gold Prices will hit $1,500 per ounce this year as the US government's stimulus package has guaranteed investments, loans and deposits to the tune of around $8 billion.
Now chairman and CEO Donald Doyle has explained that this type of "creating money out of thin air" will lead investors to continue pouring their money into the yellow metal.
He told the news provider: "The fact that major investment banks like Morgan Stanley are forecasting inflation and even admitting the possibility of hyperinflation in the years to come suggests that investors will continue to increase their safe-haven buying of gold."
Indeed, Mr. Doyle's view was echoed last week by Peter Major, an analyst from Cadiz Corporate Solutions, who explained that the recent increase in gold prices underlines the level of fear about the state of the economy.
"It shows the extent of the panic in the market for the gold price to be trading so high," he told Mining MX.
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