Gold News

Lack of selling in Asia is increasing Gold Prices

A reduction in the volume of sales in the Asian markets in causing Gold Prices to rise.

That is according to Standard Bank analyst Walter de Wet, who expressed his belief that the trend change in the eastern markets coupled with an upturn in Gold Investment in the west is increasing the precious metal's price, reports Reuters.

He said: "Investment demand from the United States and a lack of selling out of Asia are pushing gold up," according to the news agency.

Meanwhile Peter Schiff, president of Euro Pacific Capital in the US, has championed Gold Investment on account of its safe-haven attributes, insisting that cash wealth can be dangerous, the Pittsburgh Post Gazette reveals.

He told the news provider "You could have a million dollars in the bank and wake up one day to realize you can't afford bus fare with that million in cash. You might as well save in something that will retain its value like gold."

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