Gold News

Gold considered the 'only healthy currency left'

Gold Bullion will continue on its long-term Bull Run and is the only "healthy" currency available to investors at present.

That is the outlook of John Diplacido, oil trader and president of Energex, who told CNBC's Crude Realities commodities news segment that he remains "long" on gold.

When asked by presenter Amanda Drury what the impact the recent sale of Gold Bullion by the IMF on Gold Prices, he said that the effect had been minimal.

"I think it's going to hold," he said, talking about the prospect for Gold Prices to continue rising from their recent low of $1,060 per ounce. "I think it's probably one of the only healthy currencies left in the world."

He added that the investment case for Gold Bullion remains strong, forecasting that further strengthening to the dollar will not have a major downwards impact on the precious metal.

Some analysts believe that demand for the IMF's gold will be particularly strong among central banks as they seek to diversify away from heavy investments in any one currency to avoid risk.

Speaking to Reuters, Rege Nitsure, chief economist at the Bank of Baroda in Mumbai, said: "I will not be surprised if the Reserve Bank of India or other Asian central banks opt for it [IMF gold]."

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