Do it like the millionaires invest in gold
05-10-2010 golden marketThe richest persons of the world have answered to the worry for the economy, buying golden ingots, in some cases up to one ton, in the same way they are extracting assets of the financial system, have said bankers who attend to very rich clients.
The executive of UBS, Josef Stadler, who handles the services of the Swiss bank for clients with assets of at least 50 millions of dollars to invest, said in the Summit of Private Banking Munial of Reuters that:
“The fears of a relapsing in recession encourage the appetite for the physical golden ingots, as well as for actions of mining companies and golden funds that they quote in Stock Exchange (ETF).”
Stadler said: "Not only they buy funds that they quote in Stock Exchange or futures, the millionaires buy real gold. We have had a clear example of a couple who bought one ton of gold and it took it to another side, at the prices of 04-10-2010 this office would cost nearly approximately 42 million dollars.”
UBS is recommending to his principal clients to have between 7 % and 10 % of his assets in precious metals like the gold; the gold is on the way to his 10th consecutive year of rise and Tuesday came to new maxima.
In a sign of times of suspense, some clients go further away.
The president of investments of Julius Baer for Asia also recommends to his rich clients to support some assets in gold like defensive position, after a series of economic information without sheens in the United States, and in the middle of worries on the weakness of the currency dollar.
They go Anantha-Nageswaran said: "I see to the gold like a coverage. I recommend a minimum of 10 % in the portfolios and something more for intermediation intentions, to answer to the signs of short term of sobrecompra or sobreventa.”
The increase of the golden price has generated for itself more it demands on behalf of investors who look for a way of being covered before a new recession.
Although the gold has risen at record levels almost daily during the last weeks, the experts say that the valuable metal keeps on being a solid investment in short and long term.
The gold was rising even before the recession, and it raised more than 180 % in the last 5 years.
The recent fear for the health of the American and world economy, together with the fear to which big stimuli quantities on the part of the governments would cause hyperinflation they have impelled at the prices of the gold to rise, because the gold is assets and sure refuge in times of confusion and economic depression.
05-10-2010 agencies / Reuters
