Gold News

Investors' thirst for buying gold is 'insatiable'

A senior figure at the Royal Bank of Scotland (RBS) has claimed today (January 26th) that buying gold is proving to be a popular strategy among investors at present, Reuters reports.

The gold price has been steadily growing in the past few weeks and has been tipped by some commentators to retest its record high of $1,030 per ounce at some point this year.

Now Nick Moore, head of commodity strategy for RBS Global Banking and Markets, has explained that gold investment is surging as interest rates are falling, supplies are dwindling and western economies are being "reinflated".

He told the news provider: "There is an insatiable thirst for gold at the moment."

Mr. Moore's comments appear to be underlined by the fact that the latest World Gold Council investment report revealed that there was a 25 per cent increase in demand to buy gold in Q4 2008.

Quick sell-offs followed when gold last passed $900 per ounce in September and early October, but Matt Zeman, a metals trader at LaSalle Futures Group in Chicago, believes this situation may not occur again.

"I think this time it's got a little more gusto," he told the Los Angeles Times.

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