Monday, November 10, 2008

Gold Prices to Strengthen in Cash Value

The Economic Times has reported that gold may outperform oil as the recession deepens. Gold prices have not fallen as sharply as oil and other commodities, and it is expected that bullion will strengthen as the economy worsens and investment firms are forced to sell gold bullion assets.

Gold bullion dropped 16% in October due to “fund deleveraging”. However, now gold is rising again due to its economic strength in remaining a save haven against inflation.

The article also mentioned that investors are recommending “long gold” v. “short oil”, due to the fact that oil is produced for consumption and gold accumulates over time and is not tied to paper assets. Gold is also rising against other metals like copper and nickel.

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