Gold News

Gold investment carries 'strong sentiment' at present

A senior figure at the third-biggest bank in Canada by asset value has claimed today (January 14th) that there is strong sentiment towards long-term gold investment at present, Reuters reports.

Trading volumes are expected to cool in the next 24 hours as the industry awaits the European Central Bank's decision on interest rates, with a 50 basis point cut expected.

But Simon Weeks, director of precious metals at the Bank of Nova Scotia, has explained that some investors have been making a gold investment for its ability to provide a safe haven.

He told the news provider: "There is certainly an element that views gold as a safe haven. As long as that interest continues, it is a very good signal for gold in the long term."

Meanwhile, Nicholas Brooks, head of research at ETF Securities, has added his name to the list of commentators who believe that people will buy gold for its safe-haven qualities this year.

"In 2009, safe-haven assets such as gold and less economically sensitive commodity sectors could see the strongest flows," he said in an interview with Reuters.

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