UK Money News
3rd December 2007
Gold 'remains a safe haven for investors'
Gold remains one of the classic safe-haven investments used by those seeking help with money on financial markets, it has been claimed.
According to personal finance commentator Gold Investments, central banks the world over have large reserves of the metal.
This is because they recognise its independence from other factors governing the financial markets meaning that it is a safer investment than those relying on volatile currency.
Mark O'Byrne, director of Gold Investments, said: "The US is the biggest holder of gold, they have 8,500 tonnes and the Bundesbank has 3,400 tonnes. Seventy per cent of the US' currency reserves are in gold bullion."
He added that the commodity normally operates a ten or fifteen year cycle, during which time it reaches an overall peak and trough.
At present, the metal has been rising since 2001.
The money news comes as gold prices are undergoing a period of correction, having fallen below the $800 (£387) an ounce mark after recent peaks nearing $850 an ounce.
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