Gold 'will be like a third currency'

A financial journalist has offered an optimistic forecast for those considering gold investment.

Dennis Gartman, editor of the Gartman Letter - a financial trading commentary - has said that, although there may be seasonal lulls in gold prices in the short-term, the precious metal is likely to remain strong in the long-term, based on factors such as oil prices and currency values.

"Gold has become - and likely shall in the future become - more and more like the third currency in a triumvirate, with the US dollar still reigning as the world's reserve currency, followed hard upon by the euro and following then by gold," he said, according to Report on Business.

Mr Gartman added that he is likely to place more of his assets into gold investment when the price again moves past $950 an ounce, which he believes will happen in the coming months.

Gold prices hit an all-time high of $1,000 an ounce in March 2008 and although this has not yet been repeated, it is widely believed that gold is still an excellent investment opportunity.

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