Gold to be 'standout winner' among commodities in 2009
An analyst at Phillip Futures has claimed today (January 28th) that investors are buying gold in large volumes at present as they feel it will outperform other currencies and commodities, Reuters reports.
On Monday, the news provider released the results of a survey of 52 analysts which revealed that the majority believe that gold prices will remain steady at the very least over the course of 2009.
Now Adrian Koh, from the Singapore-based firm, has added his voice to that view, suggesting that the yellow metal's renowned status as a safe haven will also draw in investors.
"The gold-dollar relationship has weakened recently. That pretty much brings the 'safe-haven' factor into play again," he told Reuters.
"Investors are probably more concerned about what's happening in the markets now and feel that gold will probably be the standout winner against the other currencies."
Mr. Koh's comments were echoed last week by Natalie Dempster, head of investment for North America at the World Gold Council, which revealed recently that demand to buy gold was up by 25 percent in the fourth quarter of 2008.
"As we move into 2009, continued uncertainty over the financial landscape, combined with future inflationary fears resulting from interest rates cuts and quantitative easing by central banks, are likely to pique investor interest in gold further," said Ms Dempster.
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