Gold News

Investors viewing gold as 'safe place to be'

A trader with FuturePath Trading LLC claimed yesterday (February 4th) that Buying Gold is proving popular at present as it is outshining all other investments, Bloomberg reports.

Gold Prices have increased substantially since falling towards the $600 per ounce mark in the latter part of last year and an increasing number of commentators have claimed in recent weeks that the yellow metal is in for a strong 2009.

Now Frank Lesh from the Chicago-based firm has explained that, as investors continue to look upon the economic turmoil with fear, gold is one of the only places they are willing to put their money.

He told the news provider: "Worldwide, gold is seen as a safe place to be. It's one of the few assets that made money last year.

"Everybody wonders: 'Where should I go with my money this year?' When you look around, gold is one of the few recipients."

Indeed, just last week Tom Sowanick, the chief investment officer for $22 billion worth of assets at Clearbrook Financial LLC, explained that the plight of the US treasury is pushing investors towards gold.

"I think gold is rising because of fiscal deterioration and the prospect that the US may be downgraded," he told Reuters.

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