Virtual Metals Group

Media/Press

Investors Buying Gold 'amid Greece debt fears'

28th April 2010 (Bullion Vault)

Growing uncertainty over Greece and the extent to which Europe's sovereign debt crisis might spread will drive up Gold Prices.

That is according to Matthew Turner, analyst at VM Group in London, who told Reuters that these preoccupations will demand higher prices for Gold Bulliondespite losses on the euro which would typically serve to dampen such rises.

He said: "The powerlessness of governments in the face of these things will push gold to new highs at some point, there doesn't seem to be a plan that is going to work.

"That casts doubt on all government bonds really, even up to the safer ones."

Speaking to Mineweb, Jeff Christian, managing director of the CPM Group, the metals analyst based in New York, also expressed expectancy that the long-term value of Gold Bullion is set to continue climbing.

But despite stating that he remains long on gold, Mr Christian did exercise a slightly more balanced view than some.

"You have a lot of investors who are still very bullish on gold but they're a little hesitant to buy at what really are elevated prices," he explained to the website.

"So there is buying demand but it is clearly softer than it has been for a couple of years."

VM Group in the News

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  • September 26th - Europe's central banks seen queuing up to sell gold (Reuters)
  • THE YELLOW BOOK - Virtual Metals Research & Consulting and Fortis Bank in a new analysis of the global fundamentals and outlook for the international gold market.
  • Virtual Metals Research & Consulting announces today the launch of an innovative mechanism for the funding and development of sustainability projects in the minerals extraction industry. The new entity – called MineLife - is a collaboration between Virtual Metals, Barrick Gold Corporation, Gold Fields Limited, and Harmony Gold Mining Limited. It is dedicated to alleviating poverty and building long-term socio-economic development in Africa and, ultimately, in other developing markets.
  • Q2 05 The Hedge Book - Global hedging falls 2.5 Moz to 53.1 Moz
  • The latest edition of the Hedge Book, sponsored by Mitsui, shows dehedging quickened to 2.5 Moz in Q2 05, up from just 1.3 Moz in Q1 05. For the press release and full report click here

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