Gold News

Gold Investment sees metal 'piling up' in vaults

A senior figure at ScotiaMocatta claimed today (December 4th) that Gold Investment demand is pushing the yellow metal to record prices, Reuters reports.

With the US dollar continuing to struggle, money has been flowing into gold - which moves in the opposite direction - in huge quantities in recent weeks and months.

Now Andrew Montano, a director at the Toronto-based bullion dealer, has explained that the Gold Price rally has been particularly fuelled by a strong desire for physical investment.

"Physical gold continues to be piling up in vaults. There is a lot of metal built up in vaults owned by exchange-traded funds as well as private funds," he told the news provider.

Meanwhile, a number of central banks across the globe have been snapping up gold after the International Monetary Fund announced its intention to sell 403.3 tonnes in September.

Shuji Sugata, a manager in the research team at Mitsubishi Futures Corporation, explained that this trend is undoubtedly positive for anyone with a gold investment.

"Reserve diversification moves by non-G7 central banks underscore investor detachment from US dollar assets and are clearly reflected in gold's rally," he told Reuters.

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