INSTITUTIONS and individuals worldwide are once again using Gold Investment as the "bedrock" of their portfolios, says a leading industry figure.
Speaking to Saugato Datta of The Economist, "It has been an extraordinary year [for Gold Investment], but it's important to look at in a broader perspective," says Aram Shishmanian, CEO of the mining-backed World Gold Council marketing and research group.
"There is a re-understanding, a re-kindling of gold's underlying purpose – wealth preservation. It's about holding gold within the portfolio to give you the confidence to invest in riskier assets.
"That was the role of gold in economies and societies for centuries."
After US president Richard Nixon cut the Dollar free from gold in 1971, the metal came to be seen as a poor investment, as fund managers chased leveraged performance, Shishmanian says. But the global financial crisis has seen gold return to its "fundamental...that it gives you the bedrock of your investment portfolio.
"That's the structural shift today."
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