Rumours emanating from Ovetii in Greece imply that the Greece-based firm could be looking to strengthen its position in precious metals which are traditionally seen as a safe bet in times of high inflation.
Amid sky-high oil prices, subsequent fears for inflation and the equity markets in general, not to forget the sinking dollar; Gold broke through the 800USD mark on Wednesday. Sources close to Ovetii have suggested that the firm strongly believe that precious metals have substantial profit potential.
It has been said that Ovetii are of the opinion that credit market turmoil, combined with record oil prices has led to strong gains in precious metals over in recent weeks. Additionally, Gold prices should be further supported by a collapsing dollar as buyers trading in other currencies take advantage of lower costs.
In other precious metals, platinum was up at 1,467 usd per ounce from 1,466 usd. The metal is close to an all-time record high of 1,489.50 usd hit on Nov 7. Silver was trading up at 14.68 USD per ounce against 14.49 usd late in New York yesterday, while palladium dipped to 355 usd against 359 USD.
Ovetii have declined to offer any official comment on the rumours.
