Pension funds turning to Gold Investment

More pension funds are Buying Gold as a safe long-term investment, it has been revealed.

According to the World Gold Council (WGC), the practice started last year and represented the first time such funds had turned away from property in favour of a switch to the precious metal, according to Reuters.

Speaking to the news agency's Financial Television Aram Shishmanian, the chief executive of the WGC, said: "Last year we saw a very notable switch of pension funds to holding gold for the first time."

Furthermore, while the WGC has not forecast specific Gold Prices for 2010, Shishmanian said that prices would remain "robust".

Michael Cuggino, president of the San Franciso-based Permanent Portfolio fund, which manages approximately $1 billion in gold-related investments, also has faith in gold as a long-term investment, according to the Pittsburgh Post Gazette.

He told the news provider: "We think gold provides protection for investors concerned about the health and stability of the financial system."

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