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Thursday, 5th March 2009 (2107 views)

A gold bullion dealer has predicted that the price of gold will soar to more than $1,200 (£853.30) an ounce, far in excess of a record high of $1,030 reached last year.

Gold and Silver Investments suggested that gold is continuing to "significantly" outperform property and stock markets, despite the global economic slowdown.

Mark O'Byrne, executive director and senior analyst at Gold and Silver Investments, stated: "This outperformance looks set to continue in the medium term."

He explained that there had been "hugely increased investment demand for gold coins, gold bars, gold certificates and ETF's" [exchange-traded funds] in recent weeks.

Mr O'Byrne added that retail investors were turning to gold as a "sound financial investment", causing premiums to rise and resulting in coin shortages.

A recent article in the Indian Business Standard suggested that gold could become a leading asset choice for investors seeking "low risk, stable returns and value preservation".

 

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