A leading UK fund manager has called Gold Bullion "one of the vital insurance policies you can buy or want to allocate toward" during times of uncertainty such as today.
Speaking to CityWire and quoted by Bloomberg News, Angus Murray – CEO of the $30 billion Castlestone Management group – said Tuesday that "In May, Gold did exactly what you wanted it to do, it was your insurance policy.
Murray has accumulated some $130m of Gold Bullion related investments for his two Aliquot funds. He now believes the price will double to $2400 by 2020.
"Gold was one of the best performing assets over the last decade," Murray says. "I don't think gold is going to perform as well over the next decade, but gold will be one of the best performing assets."
Shorter-term, "Many of the current market conditions for gold closely resemble those of Q1 2009," says UBS metals strategist Dr.Edel Tully, quoted by Reuters.
She points to "elevated coin and bar demand" in the Gold Bullion market, plus "stellar ETF creations, increased Comex positioning, and a positive correlation with the US Dollar index."
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