From Mineweb.com:Author: Rhona O'Connell
Posted: Thursday , 13 Jan 2011
LONDON -
GFMS has released its "Gold Survey 2010 - Update 2", in which the research house highlights the critical role of investment in the gold market last year and forecasts powerful western investment this year, strong enough to more than offset some of the fundamental headwinds that will be generated by higher prices.
The annual average price was 26% higher than in 2009 and a series of record high prices were posted as investment was driven by a raft of influences, most notably initially were European sovereign debt concerns and, arguably, rising concern about fiat currencies in general. GFMS as a house does not subscribe to the view that the major fiat currencies are destined to fall and that all government debt obligations will become worthless. It does note, however, that this view is relatively widespread and is informing gold investment activity, with gold regarded as the best hedge against official policies that are seen as undermining the three major currencies........read on
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