Long-term Gold Investment booming, says ETF Securities
ETF Securities has claimed today (September 23rd) that major investors are Buying Gold in considerable quantities with the long-term picture in mind, Bloomberg reports.
The UK-based firm saw the amount of gold it holds to back its exchange-traded products increase by 0.5 percent yesterday to a record 8.367 million ounces.
In a new report, it explained that Gold Buying could strengthen further as investors are attracted to the metal's ability to provide a hedge against inflation and dollar weakness.
According to the news provider, one section read: "The largest buyers of gold exchange-traded commodities are institutional investors buying as a long-term hedge against inflation, dollar depreciation and other risks.
"The signal exchange-traded commodity holdings are sending is that most large investors believe these risks will continue to rise."
Meanwhile, Jason Steel, a precious metals analyst at HSBC - which is the world's largest banking group - has also provided a cautiously optimistic assessment of gold's current performance.
The yellow metal has fallen back dramatically on the two previous occasions it has passed $1,000 per ounce, but Mr. Steel believes the latest push into four-figure territory could have stronger foundations.
"Although gold has yet to challenge new highs above $1,020 per ounce, it has withstood several bouts of selling pressure," he told citywire.co.uk.
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