Gold Prices must go up, says WGC official
A senior figure at the World Gold Council (WGC) claimed on Friday (July 31st) that he can envisage Gold Prices reaching record levels in the future, the Daily Telegraph reports.
The yellow metal hit its all-time high of $1,030 per ounce in March 2008 and also briefly pushed through the four-figure barrier in February before quickly dropping back again.
Now Jason Toussaint, managing director of exchange-traded gold at the WGC, which is a marketing organisation funded by the world's leading gold producers, explained that another push upwards is on the cards.
He told the newspaper: "Investors are much more focused on wealth preservation than upside returns because they are much more focused on risk management within portfolios.
"We will see that continue. Demand for gold will also rise as pension funds, sovereign funds and other asset managers seek to preserve their wealth against inflation. Even if demand stays the same, prices must go up."
A similarly glowing assessment of Gold Investment was provided last week by George Vo, precious metals sales manager at Gold De Royale, which is Australia's largest online gold bullion dealer.
He made particular reference to the versatility of the yellow metal, noting its ability to "retain its relative value" regardless of the economic landscape it faces at any given time.
"Even in economically-challenging times like these, gold remains a wise investment," he said.
"People who began their gold collections decades ago simply for their own enjoyment have inadvertently created a kind of financial security that other investments just cannot provide for them."
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