Japan's leading Gold Bullion dealer has revealed today (March 23rd) that young businessmen in the country are investing in the yellow metal in huge numbers, Bloomberg reports.
Noriyuki Abe, an executive at the precious metals division of Tanaka Kikinzoku Kogyo KK, claimed recently that the company would not normally expect to get more than 1,000 takers for its gold accumulation plan in the period since its launch in October last year.
However, he has now revealed that over 4,000 members have been signed up, most of whom are young retail investors who are Investing in Gold as fears over the deepening recession grow.
"We've never seen anything like this," Mr. Abe told the news provider.
He added that the interest from people aged between 20 and 40 in investing in the metal on a long-term basis "stood out".
That view was strongly corroborated by Koichiro Kamei, managing director of Tokyo-based firm Market Strategy Institute, who explained that gold investment is intertwined with the philosophies of young professionals in Japan.
"A slow-and-steady approach to investing is in line with the values of Japanese young people, who emphasize stability in their lives," he told Bloomberg.
The notion that gold is seen as a safe haven by investors has been confirmed by CPM Group in an outlook report.
"Investors are concerned about the preservation of the value of their assets amid the massive destruction of wealth over the past year," the report said.
Gold will rise "as investors look toward safe-haven assets in these volatile times".
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