Gold News

Investors Buying Gold 'for long-term exposure'

A senior figure at Mitsui Bussan has claimed that demand for Gold Investment is continuing to push prices higher, Dow Jones Newswires reports.

The yellow metal has increased by over 11.5 per cent since the start of the month and it reached a new all-time high of $1,171 per ounce today (November 23rd).

Anderson Cheung, director of precious metals at the Hong Kong-based firm, explained that gold's popularity as a long-term investment is linked with fears over the state of the economy.

"We closed on the day's high Friday, so that prompted more buying this morning," he told the news provider.

"People are talking about buying gold for long-term exposure, as a safe haven."

Meanwhile, Martin Hutchinson, from financial commentary portal breakingviews.com, has also provided an extremely bullish case for making a long-term Gold Investment.

Mr. Hutchinson, who has 25 years' experience in international merchant banking, explained that assessing the history of gold prices indicates that further considerable gains are possible.

"When money is easy and demand moves much faster than supply, prices can explode," he told the Daily Telegraph.

"In 18 months from July 1978, gold went from $185 per ounce to $850. That's $2,400 in today's dollars. And interest rates then were much higher than now. A similar price rise from here would bring gold to more than $5,000 per ounce."

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