Investing in gold pays off over 2008

With the global economic turmoil having increased demand for gold bullion over the last 12 months, the yellow metal is set to be the only commodity to improve its position year-on-year.

According to Reuters, gold is set to have increased its value by three percent over the course of 2008, setting it apart from oil - which has fallen in price by 60 percent - and base metals.

"Gold is the only (metal) that has been up this year," confirmed Nick Moore, commodity strategist at RBS Global Banking & Markets, in an interview with the news provider.

"It has been a fantastic performance for gold. It has done what it should have done."

This is despite the fact that, over the course of the year, the dollar has actually strengthened and the oil market has weakened.

Richard Raymar, head of research at a major funds data company Lipper, believes that the status of gold as the best place for money in times of trouble is likely to continue, suggesting that the commodity will remain a favourite among investors into 2009.

"However much gold has been hammered since breaking to new heights, it will always be deep in our psyches as the ultimate safe haven and will continue to crop up in the top tables during times of stress," he told Reuters.

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