Gold Investment opportunity tied to US dollar
A leading industry analyst has said that the outlook for Gold Investment is inherently linked to the fortunes of the US dollar.
Peter Tse, head of precious metals at the Hong Kong branch of the Bank of Nova Scotia, which operates in more than 50 countries worldwide, said that while Gold Prices fell yesterday, future opportunity was tied to the dollar, according to Bloomberg.
While Gold Investment may not currently appear to provide as attractive a deal as the metal had offered in recent months, the underlying factor should not be ignored, Tse said.
If the dollar struggles, Gold Prices will likely rise.
Mr Tse, whose organisation manages assets worth more than $485 billion as of July 31st 2009, told the news provider: "Gold still lacks momentum...closely following the track of the dollar. Gold really depends on how the dollar behaves."
Some analysts remain much more optimistic about Gold Investment opportunities for 2010, irrelevant of particular market tie-ins to the dollar.
Peter McGuire, managing director at CWA Global Markets Pty in Sydney, an Australian investment firm, recently told Bloomberg that Gold Investing remained "the place to be" in 2010.
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