Gold News

Gold investment could rise after survey shows bullish industry sentiments

People with a gold investment were given a boost today (February 2nd) after it emerged that a sizeable majority of industry figures are bullish about the yellow metal's prospects, Bloomberg reports.

The news provider surveyed 31 traders, investors and analysts last Thursday and Friday in Mumbai and found that 22 were in favour of buying gold, with only eight advising investors to sell.

Gold prices hit nearly $930 per ounce at the end of last week, just $100 short of their all-time high, recorded last March as the impact of the credit crunch sparked unprecedented demand.

The survey has correctly forecasted the movement of gold in 147 of 247 weeks, a success rate of 60 percent.

"With the amount of money that's going to be printed out shortly with the rescue package, people are thinking 'gee, that might mean that the US dollar is going to tank'," financier Kevin Tomlinson told ABC in Australia.

"I'd better find another safe place to put my money and gold is really the default currency in that regard."

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