Gold News

Mining chief urges investors to buy gold

The founder of the second-biggest mining company in Russia claimed yesterday (September 17th) that now is the perfect time to buy gold.

The considerable turbulence experienced in the stock market this week has led to many experts championing gold's ability to act as a safe haven while the economy wobbles.

Now Peter Hambro, who established Hambro Mining, has added his name to that list by explaining that the current lack of supply and increasing demand has created ideal conditions for making a gold investment.

He said: "There is a strong case for people buying into gold as a reserve asset right now, as the cost of bringing on new production is so great that it simply won't happen, and so the price is likely to be supported and rise."

Indeed, recent research from has shown that a lump sum gold investment worth £1,000 eight years ago would have been converted into £2,691 at the start of September.

Justin Oliver, co-manager of the Collins Stewart Multi-Manager fund, has pointed out that buying gold remains an effective way of diversifying an investment portfolio.

He added: "Gold is one of the assets you can buy which is not a liability against someone else's balance sheet.

"We will look for a re-entry point as we are long-term bulls on gold."

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