Financial Times
February 9 2009
Investors are buying record amounts of gold bars and coins, shunning risky assets for the relative safety of bullion amid renewed fears about the health of the global financial system.
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The move into gold is being driven by the very rich, with bankers saying that some clients are hoarding gold in their vaults. UBS and Goldman Sachs said last week that investor hoarding would drive prices back above $1,000 an ounce. On Monday gold was trading at $892 an ounce.
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Philip Klapwijk, chairman of GFMS, the precious metal consultancy, said that investors were buying gold because of fears about the global financial system rather than looking for a quick gain.
“This is a new round of safe haven buying,” Mr Klapwijk said.
http://www.ft.com/cms/s/0/359da604-f6d4-11dd-8a1f-0000779fd2ac.html?nclick_check=1
