Gold News

Gold Prices to rise 'on demand for alternative investment'

A new survey released today (March 16th) has suggested that Gold Prices may rebound strongly as investors seek a safe haven, Bloomberg reports.

The news provider questioned 30 traders, investors and analysts from Tokyo to Chicago last Thursday and Friday for their thoughts on the future of the yellow metal.

A total of 20 said they would be most inclined to Buy Gold - mainly due to its ability to offer an alternative investment to paper currencies - while four said to sell and six were neutral.

The figures involved in the survey, which has correctly forecasted prices in 150 of 253 weeks, were no doubt aware that gold prices have already risen by 5.3 percent this year.

A similarly bullish view was expressed last week by Peter Munk, founder and chairman of Barrick Gold, the world's largest gold mining company.

He explained that a "feeling of insecurity" over the future of some of the world's central banks and major financial institutions is pushing investors towards gold.

"Let's say a small percentage of the world's central banks - or simply the United Arab Emirates, by itself - do not believe President [Barack] Obama's pledge that he will halve the US deficit by the end of his first term," he told the Financial Times.

"They shift some of their dollar reserves into gold. It would not take many decisions of this kind to push the price above $2,000 per ounce."

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