Gold News

Buyers Investing in Gold Bullion for 'safety'

Investors are Buying Gold in large numbers as they look to protect themselves from other, riskier asset classes.

That is according to a metals analyst at BNP Paribas, the global banking group which had more than €2 trillion in assets as of 2009 and over 200,000 members of staff.

Speaking to the Financial Times, Anne-Laure Tremblay explained that retail investors were also driving up Gold Prices with their increased demand.

"There has been a strong increase in physical gold demand from retail investors on the back of growing concerns over sovereign risk," she added.

With fears over debt levels having a particularly strong impact on investors, Gold Prices in euros this week reached a new all-time high of €962.20 per ounce.

Ms Tremblay suggested that continued instability in the eurozone would further undermine the EU currency and strengthen the dollar, a trend that could subsequently undermine Gold Prices.

However Marc Faber, a trader of international repute and author of the Gloom, Boom and Doom report, rejected such a notion in underlining the severity of the US' own sovereign debt situation.

"Many people haven't woken up to the severity of the US fiscal crisis," told CNBC in a phone interview.

"The only difference for the US from Greece is that it can print more money."

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