Gold Prices will go higher 'until uncertainty wanes'

An analyst at Altavest World Trading suggested yesterday (March 12th) that Investing in Gold is likely to remain in vogue over the course of the recession, Bloomberg reports.

People generally Buy Gold as an alternative investment to paper currencies - attracted to its safe-haven qualities in tough economic times - or as a hedge against inflation.

With that in mind, Tom Hartmann, a commodity analyst at the Mission Viejo-based firm, has explained that ongoing concerns over the economic landscape will see large volumes of gold snapped up as long-term investments.

He told the news provider: "Until uncertainty wanes, gold will likely retain or increase its value during this deep recession."

Indeed, that view was strongly backed up recently by David Galland, managing director of Casey Research, who suggested that a number of factors are likely to push gold prices higher in the coming months.

"You'll probably see $1,500 this year. You can only mine so much gold in a given year. Dollars can be created in the blink of the eye and with the signing of the pen," he told Gold Investing News.

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