Gold News

Investors Buying Gold to 'rebuild portfolios'

Many investors are Buying Gold in order to increase the proportion of their assets held in the precious metal, it has been claimed.

According to the CPM Group, investors are likely to buy 39.8 million ounces of gold this year, up from 37 million in 2009, Mineweb reports.

In the latest edition of its annual Gold Yearbook, the New York-based precious metals expert estimated that total global gold holdings currently stand at 1.16 billion ounces.

"The expectation is that this process...will continue on a modest basis (relative to total financial assets) for many years to come, as the percentage of global financial assets held in gold rises toward one per cent or even two per cent," the website quoted the report as saying.

DundeeWealth Economics's Martin Murenbeeld also expects demand for Gold Bullion to remain strong into at least next year.

Miningmx reports that he told those attending Denver Gold Group's Zurich Gold Forum that this is partly because potentially negative market pressures are not likely to appear any time soon.

"The Fed is also in no hurry to raise interest rates to any level that could potentially damage aggregate demand and employment - the latter being an obvious sign of lingering economic malaise," he was quoted as saying.

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