Gold Investment remains "early in the pick-up phase" according to a major industry figure, who now says he's "very bullish" on the metal.
Former chairman of the world's second-largest Gold Mining firm, Newmont Mining – and now chairman of Franco Nevada – Pierre Lassonde said Tuesday that "There's still a lot of legroom left in terms of the size that the gold market will fulfill in the investment spectrum.
"My ultimate belief is that if we get a really crazy Gold Price, in part it's going to be because of China," he told South Africa's MineWeb. "It could very well push gold beyond anything that we believe is reasonable."
Private Chinese demand for Gold Investment jewelry has more than quadrupled by value in the last five years, totaling $4.7 billion in the first quarter of 2010.
"Long term I am very bullish," Lassonde went on. "When I look at the amount of debt accumulated by the United States in particular, the US politicians have absolutely no guts for another depression and they will always allow the printing press to run to answer their problem."
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