Long-term investors are still adding to their portfolios by Buying Gold, a leading commodities commentator has said.
Eugen Weinberg, a Frankfurt-based analyst with Commerzbank AG, wrote in a report yesterday that financiers looking for something more than short to medium-term investments are still showing interest in Gold Bullion.
He said: "Long-term-oriented investors are still accumulating gold. [The recent price decline] is probably attributable to profit-taking by speculative investors," reports Bloomberg.
Wakako Harada, a senior trader at Mitsubishi Corp in Tokyo, revealed to Reuters that the market currently appeared to be in panic with investors trying to cover costs incurred as a result of the crisis in Europe.
However she went on to tell the news provider that liquid assets such as gold would be supported by a return to buying.
She said: "Once this round of selling subsides, investors will think where it is best to put their money in light of fundamentals."
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