Gold News

European debt crisis presents opportunity for Gold Investment

The debt crisis hitting southern Europe may present the US dollar with an opportunity to strengthen, but that does not mean its time to sell Gold Investments.

This is according to Garry White, shares tipster for the Telegraph, who wrote in the newspaper that Buying Gold remains an attractive proposition, despite its inverse relationship with the dollar.

He explained that although the dollar may benefit from the crisis, any short-term reductions in Gold Prices should be seen as a buying opportunity.

That is because there are serious structural problems that mean the dollar remains a long-term depreciating asset, he wrote, with the deficit in the US budget anticipated to hit a record $1.56 trillion this year.

"Gold is a means of preserving wealth and this, above everything, means that the metal should be regarded as a currency and not merely a commodity," Mr White wrote in the newspaper.

Wolfgang Wrzesniok-Rossbach is in agreement with that sentiment, according to Gold Investing News.

The head of trading at Hereas told the news provider: "There is good support [for gold] at $1,075 an ounce and this would again be a good level for industrial buyers to stock up on the metal."

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