Bank highlights 'compelling case' for Gold Investment
A leading British bank claimed today (November 24th) that the case for Investing in Gold is becoming "increasingly compelling".
In its latest Commodities Quarterly report, Standard Chartered highlighted growing central-bank buying and heightened retail interest as positive developments for the yellow metal.
Furthermore, it predicted that Gold Prices will perform particularly strongly in the fourth quarter of next year as the impact of the financial crisis continues to affect the global economy.
"The increased availability of scrap gold as prices surge to new highs will see gold average $1,300/oz in Q4 2010 - once the dollar resumes its weakening trend," Helen Henton, global head of commodity research at the bank, told Bernama.
Those comments were backed up last week by Blake Robben, a senior market strategist at Chicago-based commodities brokerage firm Lind-Waldock.
He noted that the US government's huge debt-building in response to the economic downturn is likely to keep up pressure on the dollar, which shares an inverse relationship with gold.
"Until the Fed reverses course on monetary policy and this government of ours can get their financial house in order, there is no indication that gold prices will stop climbing," he told CNN Money.
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