Gold News

Gold is seeing 'major safe-haven buying'

A senior figure at Integrated Brokerage Services claimed on Friday (January 30th) that gold investment is on the rise with the prospect of further economic turmoil on the horizon, Reuters reports.

Gold prices rose by 3.5 per cent last week as investors rushed to buy bullion for its qualities as a safe-haven asset.

Now Frank McGhee, head precious metals trader at the firm, has explained that people are nervous about the next few months and are seeking a flight to quality through the yellow metal.

He told the news provider: "There is a major safe haven buying in the gold. We are seeing gold appreciate against all currencies.

"The gold market is certainly anticipating a much bigger systemic problem down the road."

Mr. McGhee's comments were backed up last week by Kevin Kerr, editor of Global Commodities Alert, who explained that gold's recent strong performance is making it an attractive investment option.

"Investors are starting to see that the yellow metal is one of the few havens for protection from what is an inevitable wave of inflation," he told Market Watch.

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