Buying gold still forms a 'solid investment'
A leading analyst explained yesterday (November 20th) that gold is retaining its appeal as an investment as safe-haven buying continues to prop up the precious metal, the Associated Press reports.
Gold prices have experienced considerable volatility so far this year, dropping from record highs of $1,033 per ounce in March to the current levels of around $750 per ounce.
However, Carlos Sanchez, a New York-based analyst at commodities research and asset management firm CPM Group, has claimed that investing in gold is still a sound strategy.
"The sentiment is still there that actually gold is a solid investment, and has more of a price appreciation potential than other investments," he told the news provider.
Mr. Sanchez's comments come after another significant figure, Tocqueville Asset Management senior management director John Hathaway, suggested recently that gold prices could go much higher.
He explained that the US dollar is likely to weaken - which will work in gold's favour - while the downgrading of Treasury debt in the country could also be a possibility.
"Gold trading steadily at $2,500 is not unthinkable," he said. "As we begin to see margin improvement, we will see significant room for upward movement."
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