Gold hit a record high yesterday of $1,233 as investors turned to gold as a safe haven for their assets in the current unstable economic climate.
The $1 trillion aid package introduced by the European Union to help the Eurozone nations is slowly being analysed and digested. In the mean time investors are buying gold as they are nervous and unsure about other investments such as, paper currencies and stocks and shares. Gold is perceived as the most stable of investments at present.
Market analyst Daniel Major says “investors are trying to search out a safe haven and clearly gold is one of them. While the current environment of acute investor risk aversion remains, gold’s bound to benefit”. Buying gold bullion now would appear to be the wise choice as forecasters predict that gold has only one place to go at the moment and that is up!