Gold Prices in euros are expected to continue rising after reaching record levels this week, as investors use the precious metal to protect themselves against paper currencies.
That is according to Matt Zeman, a trader at Chicago-based speciality futures and options brokerage LaSalle Futures Group, who predicted a bright future for Gold Prices in an interview with Bloomberg.
Speaking to the news provider, he said that the precious metal is growing in popularity as a result of fears over the future of fiat currencies, such as the euro, which are given value as legal tender by states rather than from inherent value.
Mr Zeman told the provider: "Gold is going to become the currency of choice as people lose faith in fiat currencies."
Looking at the governments in Europe that are currently struggling with debt, he added: "These countries continue to write checks that they can't cash."
While some have argued that weak euros are bad for Gold Prices as they will lead to strengthening dollars, Walter de Wet, an analyst at Standard Bank, which has 50,000 employees around the world, suggested this is only a short-term trend.
Speaking to Reuters, he said: "Ultimately, the currency effect is a shorter term thing. As long as interest rates are lower, gold's path is higher."
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