'Scared' investors rushing to Buy Gold
A senior figure at Heraeus Precious Metals Management claimed yesterday (September 2nd) that investors are Buying Gold for its safe-haven appeal, Bloomberg reports.
The yellow metal is often bought as a store of wealth in tough economic climates, mainly because risk aversion is the biggest target on most investors' agendas during such periods.
Miguel Perez-Santalla, a sales vice-president at the New York-based firm, has explained that the any supposed 'green shoots' of economic recovery are not deterring Gold Investment.
He told the news provider: "Big-fund [gold buying] from the $960-an-ounce level drove the market higher.
"The stock market looking weak has scared investors and they are dumping base commodities and moving into gold."
Those comments were strongly corroborated last week by Nicholas Brooks, head of research at UK-based firm ETF Securities.
Speaking to Reuters, he explained that the yellow metal is offering investors security at a time when they are predicting that the recent flurry of risk asset activity will rebound.
"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.
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