Gold News

Gold Prices surging on 'megatrend'

Gold Prices may have dropped in the short term following record highs, but the overall "megatrend" is still extremely positive.

That is according to Wallace Ng, executive director of the Hong Kong branch of Fortis Nederland NV, the Dutch-based financial group.

Speaking to Reuters, he explained that prices have increased more than five times since 2000 due to consistently high demand for Gold Investments.

On top of this, the continued fears surrounding Europe's debt crisis have seen the value of the precious metal increase by 7.7 per cent in the past two months alone.

Mr Ng told the news provider: "The megatrend is still up, but the market needs to go through some minor correction. We will see more profit-taking on recent gains."

Jim Rogers, the famed US investor who started the Quantum Fund with George Soros in the 1970s which gained 4,200 per cent in value in ten years, also paints a picture that looks bullish for gold in the long term.

He suggested that the currency crisis still has a long way to play out, something that could serve to drive Gold Prices higher.

"Eventually the euro unfortunately is going to break up, I am afraid, because it keeps weakening itself from within," he said in an interview with ET Now.

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