Gold News

Gold Prices will 'continue to shine'

A renowned investment columnist suggested yesterday (May 6th) that the recent dip in Gold Prices is simply a "healthy correction" on a bull run which started eight years ago.

Claus Vogt, editor of Sicheres Geld, an investment letter which is hugely popular in Europe, does not describe himself as a gold bug but still believes the metal has room to go higher.

Writing on Fxstreet.com, he explained that the amount of money printed by the Bush and Obama administrations means that anyone with a Gold Investment will continue to make gains.

"I do think gold provides great insurance against political follies, especially those that will likely lead to inflation," he wrote.

"In 2001, I interpreted these [US fiscal] policies as a major signal for a gold bull market. So with today no different - but actually worse - I'm sticking to my belief that gold will continue to shine."

Those comments were echoed last week by Peter Munk, founder and chairman of Barrick Gold, the world's largest gold producer.

He noted that Gold Investment is particularly prudent in the current climate as the economy is unlikely to be able to shake off the effects of recession for some time to come.

"I think whatever happens in the economy - and let's pray it's going to correct itself - the trauma of what we have gone through over the past year will be deeply ingrained and remain," he was quoted as saying by the Canadian Press.

"It will make people much more aware of the fact that gold indeed is an ultimate store of value."

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