Gold Investment rising 'due to banking sector fears'

A Florida-based coin and precious metals dealer has suggested today (March 20th) that demand to Buy Gold will remain strong as fears over the state of the banking sector continue, ReportOnBusiness.com reports.

According to recent data from the World Gold Council, net purchases of physical gold for investment purposes increased by 64 percent to 1,091 tonnes over the course of 2008.

Now James DiGeorgia, who is also the editor of the Gold and Energy Advisor newsletter, has noted that this sort of Gold Investment interest can be explained by people looking for safe havens.

He told the news provider: "When the banking crisis hit [last fall], we saw an avalanche of demand.

"People are scared to death that all this debt [being taken on by governments] is going to debase the dollar and other currencies around the world."

Those comments were strongly corroborated recently by Tom Hartmann, a commodity analyst at Viejo-based firm Altavest World Trading, who suggested that investment volumes will continue to be strong in the current economic climate.

"Until uncertainty wanes, gold will likely retain or increase its value during this deep recession," he told Bloomberg.

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