'Everybody' Investing in Gold amid more record prices
A senior figure at Heraeus claimed today (November 26th) that Investing in Gold is becoming an increasingly popular strategy, Reuters reports.
The yellow metal has continued its record-breaking streak this week, pushing to an all-time high of $1,194 per ounce to take its gains to 15 percent this month alone.
Dick Poon, a precious metals manager at the Hong Kong-based firm, explained that investors are seemingly taking note of the stream of central-bank buying at present.
"Everybody is bullish on gold and everybody is looking at the signal central banks are sending," he told the news provider.
"It's not just India or China, but most of the central banks, as well as funds, have changed their portfolios to include gold. So, everybody is looking at how much money they will invest in gold."
Those comments were strongly corroborated last week by Matt Zeman, a trader at Chicago-based brokerage firm La Salle Futures Group.
He explained that even when the dollar - which has a negative correlation with gold - has enjoyed small advances recently, Gold Prices have continued unabated in their ascent.
"No one has faith in a sustained dollar rally," he said in an interview with Business Day.
"Gold just seems resilient in the face of a stronger dollar. This is a big bullish signal. People want gold to go higher."
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