Gold price hits new record!
Posted: 24/08/2011 15:16:43 by
Global Administrator | with 0 comments
Recent reports of disappointing manufacturing and housing data in the United States have fuelled widespread concerns that growth in the world's largest economy has stalled.
As concerns grow regarding the United States economy and the health of Europe's banks, the price of gold has hit an all-time high of $1,867. The increase has suggested that due to uncertainty and nervousness in the financial markets, many investors are viewing the precious metal as a safer commodity, as opposed to stocks and shares.
Gold has hit nine record highs, and risen nearly 14% so far this month, with August being its best performing month since September 1999.
Gold can be held within a self invested pension portfolio albeit of a purity of not less than 995 thousandths in the form of a bar or wafer and of a weight accepted by the bullion markets. To be an acceptable investment it must be securely held by a third party and the client cannot have personal access.