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Gold price surges towards an all time high

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Gold prices have surged towards an all time high, resulting in a 14 per cent increase in ETF Securities’ gold holdings.

Gold prices have surged towards an all time high, resulting in a 14 per cent increase in ETF Securities’ gold holdings.

Nicholas Brooks, head of research and investment strategy at ETF Securities, says: "As the gold price has broken out towards a new all time high, our gold  holdings have hit a record high of 8.272mn ounces (USD8.4bn), up 14 per cent (986,178 oz or USD1bn at current prices) in just the past month. 

‘The build-up in gold ETC holdings – particularly in ETFS Physical Gold and Gold Bullion Securities – has been accelerating at a rapid pace recently as investors’ have become increasingly concerned about the structural outlook for the US dollar and are using gold to hedge this risk as government debt continues to rise and short-term US interest rates continue to fall sharply lower.’

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