Gold News

Returning confidence over Greece supports Gold Buying

The eurozone's agreement on financial aid for Greece is causing demand for Gold Bullion to rise, it has been suggested.

According to Afshin Nabavi, head of trading at MKS Finance, the Geneva-based precious metals group which had a net worth of $170 million in 2009, the promise of greater stability in Europe is serving to strengthen the position of the precious metal.

"The market thinks this Greek problem has been solved," he told Reuters. "We saw excellent physical demand last week and it's continuing."

Simon Weeks, head of precious metals at the Bank of Nova Scotia, Canada's third largest bank, added that Gold Investment remains an attractive alternative to the dollar.

According to Reuters, he said: "Gold is still an alternative to currencies, which is helping to keep prices buoyant."

Meanwhile, Forbes suggests that funds run by gold bulls George Soros and John Paulson have invested a combined $175 million into a Canadian mining company because of the opinion of Thomas Kaplan, a New York City-based investor who believes gold's bull run will continue for some time.

"An Oxford-trained historian, Kaplan believes that the last 40 years, when gold was not the world's reserve currency, were an aberration and that gold will revert to the top store of value as it was for 5,000 years," the magazine said.

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