Gold News

Investors see Gold Prices 'reaching $2,000 per oz'

The founder of one of the UK's leading online Gold Bullion dealers suggested yesterday (July 30th) that his customers believe gold could hit $2,000 per ounce, the Daily Mail reports.

Investors tend to turn to the yellow metal as a hedge against inflation, while also championing its ability to provide a store of wealth in tough economic times.

Now Paul Tustain, who founded BullionVault.com in 2005, has explained that private investors have been placing their money in physical gold for the latter reason amid the global financial crisis.

He told the newspaper: "Our experience right now is that the typical private investor buying gold does not trust any 'green shoots' of recovery.

"They believe that strong house prices and cheap credit are a thing of the past and they are not convinced by any equity market recovery, but that there is better to come from gold, even up to $2,000 an ounce."

Those comments come after Stefan Graber, an analyst at prominent financial services group Credit Suisse, also expressed a positive long-term outlook for gold.

He explained in an interview with Bloomberg that Gold Prices should keep heading upwards, as long as they can overcome the current resistance at around the $950 per ounce level.

"We expect prices to ultimately head higher, but the market needs to break the $950 mark more decisively first," he told the news provider.

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