The head of the World Gold Council claimed today (December 10th) that Buying Gold is proving invaluable for investors in the current economic climate.
Gold has been on a bull run since 2001 and has performed particularly strongly since the advent of the financial crisis, with a record $1,227 per ounce being reached last week.
Now Aram Shismanian, chief executive at the marketing organization for gold companies, has explained that the metal's safe-haven qualities have been the key to its rise.
"Gold always plays an important role as a protector of wealth, and in these current times of financial instability, that role has taken on a new-found prominence," he told the Irish Independent.
Those comments come after Goldman Sachs, a major New York-based bank holding company, also sounded an optimistic note for the future of Gold Prices last week.
The firm has increased its 12-month outlook from $950 per ounce to $1,350 per ounce, while also predicting that the metal will average $1,265 per ounce over the course of 2010.
"With the US Federal Reserve expected to keep its short-term nominal interest rate target near zero through 2011, we expect the low US real interest rate environment to continue to provide strong support for gold prices in 2010 and 2011," read one section of a new report.
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