Gold News

Sentiment for gold investment is 'still bullish'

The head of a major gold dealership in Hong Kong claimed on Monday (January 12th) that the overall view in the country is that investing in gold is a wise strategy, Reuters reports.

Gold prices were notably volatile in 2008, hitting a record $1,030 per ounce in March before plummeting to a 13-month low of $680 per ounce in late October.

However, Ronald Leung, director of Lee Cheong Gold Dealers, explained that the overriding feeling in Hong Kong is one of fear over the economy, leading to safe-haven gold-buying.

He told the news provider: "I would say sentiment is still bullish. People still don't have confidence in financial institutions."

The increased demand referred to by Mr. Leung bodes well for anyone investing in gold when combined with recent comments by respected Mineweb columnist Lawrence Williams.

In an article on the website, he expressed his belief that global gold output will be shown to have been down in 2008 when official statistics are released.

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