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Follow on Google News | ‘Gold Set To Surge Past Record High’ Say Asset Protection Specialists.Gold and Silver Investments, the international bullion dealer are preparing for a gold surge past record nominal highs of over $1,000/oz after an unexpected surge in Asia overnight teamed with seven-month highs.
By: Top Position Resistance at $950/oz was sailed through very easily overnight in Asia and the next level of resistance is $980/oz prior to a likely challenge of $1,000/oz in the coming days. In recent months, investors and savers in Europe, north America and internationally went on an extraordinary shopping spree for gold coins and bars. In just the final quarter of last year, they snapped up 148.5 tonnes, a jump of 811 per cent compared with the same period in 2007, as the collapse of Lehman Brothers and worries about the entire global financial system led to a massive increase in safe haven buying. This rush into physical gold by western investors pushed global retail investment up almost 400 per cent to 304.2 tonnes, according to the industry-backed World Gold Council, which released its fourth-quarter Gold Demand Trends report yesterday. The WGC's data confirmed earlier reports from traders about widespread shortages of coins and exceptional buying interest. 17-Feb-09 Gold $ 961.40 14.22% 9.23% Silver Oil 37.02 -4.44% -16.99% -61.31% 5.20% FTSE 4,079 -1.63% -8.00% -29.51% -8.56% Nikkei S&P 500 827 -2.73% -8.46% -38.75% -28.53% ISEQ 2,249 -8.42% -4.01% -65.27% -55.43% EUR/USD © 2008 Goldassets.co.uk Mr O’Byrne, executive director and senior analyst in the firm who offer who offer gold investments in the form of gold coins, gold certificates and gold and silver bullion, added, “With the global economy slowing very sharply, international demand remains very strong as seen in gold coins , bar, certificate and exchange traded fund demand. “ETF holdings of the world's largest gold-backed exchange-traded reached a record 985.86 tonnes on February 13, up 15.29 tonnes or 1.6 per-cent from the previous day. The trust's gold holdings are up a very significant 205 tonnes, or 26 per-cent in just the first six weeks of the year, which is great news for both investors and dealers.” "The Perth Mint of Western Australia, where most of our clients store their gold, have doubled their bullion holdings in the last year to over $2 billion worth," O'Byrne continued. Besides increasing retail, pension and institutional demand, many central banks are increasingly favourable to gold. Russia's central bank has increased gold's share in reserves, and plans to continue this trend way into 2009, the first deputy chairman told Reuters in an interview on Monday. The ECB Eurosystem's reserves of gold and gold receivables increased EUR 1 million to EUR 218.320 billion in the last week on January. Mr O’Byrne added, “The strength of gold bullion in recent days is particularly impressive as it comes in conjunction with a stronger dollar. However, this ‘strength’ Gold has surged to record highs in nearly all currencies - and is above £675/oz and €760/oz and reached new record highs in many other currencies such as the South African rand and the Canadian dollar. This bodes well for gold prices in the coming weeks especially as the dollar begins to weaken, which seems very likely. If this happens then gold should rise even more sharply and target levels above $1,200/oz in the coming months. Mr O’Byrne added, “While investment demand remains very strong and is increasing there are growing fears about the declining supply of gold - the world's mine gold supply has been falling in recent years and it fell to 2,385 tonnes last year, down 3.6 per cent from 2007 (despite the rise in prices in recent years). This is a recipe for markedly higher prices in the coming months and the inflation adjusted high of some $2,400/oz looks more and more likely in the next few years.” About Gold and Silver Investments Gold and Silver Investments are a financial services company specializing in wealth preservation strategies. They provide asset diversification services to investors, companies and institutions in the EU and internationally. Gold and Silver Investments offer their clientele a variety of investment options and asset classes. These include precious metals, pension products (equity, property, bond and cash funds) and deposit products. # # # Editor’s Note: Gold and Silver Investments are represented by search engine optimisation agency, Top Position. Please direct all press queries to Stephen Flood, Executive Director of Gold and Silver Investments, ph 0203 0869200, www.goldassets.co.uk End
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