LBMA chief: Gold prices 'to remain high'

The head of the London Bullion Market Association (LBMA) has expressed his belief that gold prices will remain high for the foreseeable future.

The gold price experienced its highest ever one-day increase of around $90 on September 18th as investors rushed to buy it for its safe-haven qualities.

Now Jeremy Charles, speaking at the LBMA's conference in Kyoto, Japan, has explained that he feels the current turmoil on Wall Street means investing in gold is prudent.

He said: "Those who traditionally have shied away from gold as part of an investment portfolio can no longer afford to ignore this unique asset.

"It is my opinion that, even when the crisis draws to an end as it inevitably will at some point, that gold will be looked at in a very different light going forward."

Mr Charles' comments have also been backed up by Daniel Sacks, the head of resource management at asset management firm Investec.

He has noted that the lack of supply, particularly from the more antiquated mines in South Africa and Australia, should keep prices above the $1,000 per ounce mark.

"I'm bullish, I think we could see the highs of this year again," he said.

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