Super Rich Investors Start Collecting Gold
A number of wealthy people in the world have responded to economic worries by buying gold in large quantities. Even the purchase is not in a matter of bars anymore, but it was tons
In the ABC report, Monday, October 4, 2010, the world’s richest person has transferred assets from the financial system that used to sustain a big advantage for them.
UBS executive Josef Stadler said that fears that the economic downturn has increased the appetite exceptional hunting and gold mining company shares to investors.
“They do not just buy ETF (mutual funds traded on exchanges) or a futures exchange, but also buy physical gold,” said Stadler who run services for clients with assets of U.S. $ 50 million. The message conveyed in the show “Reuters Global Private Banking Summit” in Geneva, Switzerland.
UBS recommends that clients of the top 70-10 percent of their assets invested in precious metals like gold. Gold prices continue to soar, on Monday traded at U.S. $ 1.314 an ounce, close to the highest price last week.
“We have a clear example, of some of our existing clients who purchase more than one ton of gold,” said Stadler. At current prices, the purchase is valued at approximately U.S. $ 42 million.
Julius Baer chief investment officer for Asia is also recommending that wealthy investors to plant some of their assets in gold. This was done as a defensive posture after a series of lackluster U.S. economic data. In addition, investors are also worried about the weakening U.S. dollar.
“I see gold as insurance,” said Van Anantha-Nageswaran. “I recommend a minimum of 10 percent in the portfolio and the rest will be used for trade.”
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Tags: Asia, Exchange-traded fund, Geneva, Gold as an investment, Gold mining, Monday, Precious metal, UBS