A prominent hedge fund manager has claimed today (July 30th) that Gold Investment is proving popular in the US over fears about inflation.
Moonraker, a London-based independent firm, has managed over $330 million worth of assets at BDO Stoy Hayward Investment Management since September 2003.
The company carried out a survey of 22 US hedge fund managers and found that 20 have bought Gold Bullion because they expect quantitative easing to push prices higher.
Moonraker chief investment officer Jeremy Charlesworth said: "Gold is the ultimate currency, performing best when economies are at extremes, whether that is inflationary or deflationary.
"The managers I met in the US know that if the politicians get the quantitative easing programme wrong, then the value of money relative to real assets will dwindle," he added."
Those comments were strongly backed up last week by Daniel Pavilonis, senior market strategist at futures and commodities broker Lind-Waldock.
In an interview with the Wall Street Journal, he explained that a number of his firm's customers are looking to invest in gold as a hedge against inflation in the longer term.
"More people are calling up to open accounts," he told the publication.
"They see inflation over the horizon going into next year."
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