Gold Investment demand continues to rise, says WGC
A new study by the World Gold Council (WGC) revealed today (October 22nd) that Gold Investment demand continued to increase during the third quarter of 2009.
In its latest Gold Investment Digest report, the marketing organization claimed that the yellow metal is one of the least volatile assets available in the current economic climate.
Natalie Dempster, head of North American investment at the body, explained that fears over the future of the dollar seem likely to keep gold popular for the foreseeable future.
"A recovering global economy coupled with most major central banks keeping benchmark rates at record low levels increased demand for gold as a store of value, as some investors feared about future inflation," she said.
"Moreover, we saw an improvement in risk appetite during the quarter, which also put more downward pressure on the dollar as investors sold US Treasuries in favor of higher-yielding assets overseas, further increasing demand for gold as a dollar hedge."
Ms. Dempster's comments come after Gerald McConnell, president and chief executive of diversified Canadian miner Etruscan Resources, also talked of the value of investing in gold.
Speaking to the Chronicle Herald last week, he predicted that gold prices could almost double from their current level just above $1,000 per ounce in the long term.
"A prediction of $2,000 per ounce within the next ten years does not sound far-fetched. Some experts are predicting more significant increases," he told the news provider.
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