Gold News

Investors Buying Gold 'to balance portfolios'

Lind-Waldock senior market strategist Adam Klopfenstein has suggested that jittery investors are currently choosing to Buy Gold, the Associated Press reports.

After some volatile trading during the summer months, the yellow metal now appears to be ready to break through the $1,000 per ounce barrier and challenge its all-time high of $1,030 per ounce.

Mr. Klopfenstein has explained that the change has been motivated by a sudden drop in risk appetite and a subsequent desire to find a store of wealth by Investing in Gold.

"This is telling you that the bull case for equities that a lot of people have been sceptical about has run its course and a lot of people are putting more money in gold to balance their portfolios," he told the news provider.

A similarly optimistic assessment was provided recently by Ole Hansen, a senior manager at Saxo Bank, which is one of the largest online investment banks in Denmark.

He noted that the weakness of the dollar, which tends to move in the opposite direction to gold, is likely to lead to the yellow metal enjoying further increases in the future.

"The euro has elevated to slightly higher levels now and that has given [gold] the support that's needed now to test higher," he told Reuters.

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