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Monday, 16th February 2009 (1668 views)

Gold has been described as a "unique commodity" by one financial expert.

Explaining the precious metal's merits, columnist for the Times William Rees-Mogg stated: "It has to a high degree two qualities that are seldom found together: liquidity and reality."

He said that he has been arguing that gold is a good investment for eight years after tracking the price of the metal since 1974 following the publication of his book The Reigning Error.

Mr Rees-Mogg continued to describe the commodity as an "essential insurance against financial shocks" and suggested that gold is a metal people buy "when they are nervous about the economy".

These comments follow news that there is an increasing demand for gold in Russia, as 170,000 new gold price-tracking accounts were opened in 2008 by Sberbank, the country's largest lender.

Vladimir Tarankov, director of the bank's currency and non-trade operations, told Reuters that one client has ordered 3,000 gold coins.

 

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