Gold prices 'to continue upward trend' in 2009

The head of a major gold industry company explained yesterday (January 8th) that he expects the price of the yellow metal to continue to rise in the next year, according to MSNBC.

Nick Barisheff, president and CEO of Bullion Management Group Inc., offered his positive assessment in his '2009 Outlook', presented to investors at the Empire club in Toronto.

He noted that buying gold has been a wise strategy for a number of years and will continue to strengthen, as shown by the fact that it outperformed other assets during the course of last year.

He told the news provider: "Precious metals have been on an upward trend for eight years and for the past five gold has been the best performing asset.

"Throughout the financial turmoil of the past year, gold preserved investor wealth and outperformed all other asset classes other than bonds.

"This trend will continue in 2009 as more investors will continue to seek a safe haven from the financial crisis that started in 2008."

Mr. Barisheff's comments were echoed recently by Stephen Platt, a commodity analyst for Chicago-based firm Archer Financial Services, who also pointed to gold's strong performance in 2008.

"Gold has held up better than any asset off the uncertain monetary outlook," he commented.

"The dollar seems to be under a lot of pressure and there's still uncertainty to the economic outlook, and that's giving a lift to gold."

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