Gold News

Investors Buying Gold 'amid Greece debt fears'

Growing uncertainty over Greece and the extent to which Europe's sovereign debt crisis might spread will drive up Gold Prices.

That is according to Matthew Turner, analyst at VM Group in London, who told Reuters that these preoccupations will demand higher prices for Gold Bullion despite losses on the euro which would typically serve to dampen such rises.

He said: "The powerlessness of governments in the face of these things will push gold to new highs at some point, there doesn't seem to be a plan that is going to work.

"That casts doubt on all government bonds really, even up to the safer ones."

Speaking to Mineweb, Jeff Christian, managing director of the CPM Group, the metals analyst based in New York, also expressed expectancy that the long-term value of Gold Bullion is set to continue climbing.

But despite stating that he remains long on gold, Mr Christian did exercise a slightly more balanced view than some.

"You have a lot of investors who are still very bullish on gold but they're a little hesitant to buy at what really are elevated prices," he explained to the website.

"So there is buying demand but it is clearly softer than it has been for a couple of years."

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