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Tuesday, 3rd March 2009 (1398 views)

Investing in gold over the long term tends to be a "reliable" way of storing funds, a newspaper has stated.

According to the Chicago Sun Times, gold is "glittering" in the current economic downturn and has traditionally been used as a "barometer of faith in governments".

The limited supply of gold and its beauty have served to maintain its fascination for people over the centuries and has been a "reliable source of wealth", the article suggested.

Just 161,000 tonnes of gold have ever been mined, more than half within the past 50 years, with few new discoveries made in recent years, giving the metal a rarity value, it said.

The market for gold "remains robust" and could rise to challenge the record $1,030 (£731) per ounce reached last year, an analyst recently told the Financial Times.

Mark O'Byrne, a director at Gold and Silver Investments, predicted that demand for gold would "remain strong for the foreseeable future" as a result of supply constraints and high retail demand.

 

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