Gold News

Gold Investing to Grow "Because Currencies Lack Credibility"

The GLOBAL SHIFT to Gold Investing will continue, according to a senior bank investment specialist, because the world's major currencies "lack credibility".

Interviewed by Bloomberg TV this week, "The natural buyers of today are emerging-market central banks, and over and above that, it's going to be further investment demand," said Gary Dugan, chief investment officer for Asia and the Middle East at Coutts & Co., the private-banking division of Royal Bank of Scotland PLC famed as bankers to the British Queen.

"People continue to naturally gravitate to gold."

Speaking as world #1 bond investment group Pimco said its strategic commodities fund has increased its Gold Investing position, "The reason we're positive on gold is that major currencies around the world lack credibility," Dugan explained.

Billionaire hedge fund investors George Soros and John Paulson both raised their Gold Investing positions in the second quarter, regulatory data released last week show.

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