Gold News

Safety 'is a piece of gold'

The status of gold bullion as a safe investment has been underlined in recent days by its new record high prices.

With gold fast approaching the $1,000 an ounce mark, Robert Fullem, vice president of US corporate foreign exchange sales at the Bank of Tokyo-Mitsubishi, remarked that investors are increasingly looking to the yellow metal in times of growing economic uncertainty.

"You can't find a currency that you trust as a store of value, so you create a new one," he commented, according to Bloomberg.

"Safety ends up being a piece of metal. You can stick it under your bed and sometimes that's your best bet."

It is not just financial turmoil that is prompting gold prices to spiral to new highs. The idea of a steady gold supply from mining is being called into question more as reports indicate that global production is beginning to dwindle.

Coupled with fewer discoveries of significant deposits, easier access to gold investments and rising industrial demand for the metal, according to the World Gold Council, it is perhaps no surprise that investors are buying gold with the hope of seeing real benefits.

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