A senior investment manager claimed on Saturday (January 3rd) that investing in gold is a sure-fire winner, regardless of which way macro-economic factors take a turn, Commodity Online reports.
The yellow metal had a roller-coaster ride in 2008, peaking with a record price of $1,030 per ounce in March on the back of safe-haven buying as the financial crisis loomed.
Now Sheldon Iwentash, chairman and CEO of both Canadian investment firm Pinetree Capital and Mega Uranium, has explained that he expects there to be "an absolutely explosive rise" in gold prices.
He told the news provider: "Look at the gold argument - gold has no liability against it, it's a brand, it's a currency and it will appreciate in value if you believe in the whole supply-demand model and so therefore will provide a real rate of return as well.
"So you're getting downside protection and potential extraordinary upside participation."
The view that gold prices will move higher in the future has been echoed recently by Adrian Koh, an analyst at Phillip Futures, who explained that economic uncertainty is prevailing at present.
"From a gold perspective, prices are certainly likely to move higher on any tensions, wars and uncertainty," he commented.
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