A senior figure at ETF Securities claimed today (August 25th) that investors are still opting to Buy Gold as they are wary about the prospect of economic recovery.
According to a new report from Reuters, the UK-based firm's ETFS Physical Gold exchange-traded commodity saw a record daily leap of seven percent to 3.19 million ounces on Tuesday.
Head of research Nicholas Brooks explained that Gold Investment is providing speculators with security as they are uncertain about trusting any 'green shoots' of recovery.
"Investors are being increasingly wary about the recent rally in risk assets and I suspect they are using gold as a hedge against the possibility of a correction," he told the news provider.
The news comes after the World Gold Council (WGC), a marketing organization funded by the world's leading gold companies, revealed last week that gold investment demand increased by 46 per cent on a year-on-year basis in Q2 2009.
Aram Shismanian, chief executive of the WGC, explained that the figures show that gold's popularity remains undimmed despite high local prices and declining industrial demand during the economic downturn.
"This is another excellent quarter for gold demand as gold's unique properties and broad demand and supply base continue to sustain a vibrant market and support the price," he said.
"Investment demand, in particular, witnessed a strong quarter and we believe this indicates a growing recognition of gold as an important and independent asset class."
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