22
September
Gold Investing May Gain From Equity Flight, ETFS Says
22 September 2009 Bloomberg.com
Demand for gold, which traded within 1 percent of a record last week, will rise on mounting concern that equity markets may decline, said William Rhind, ETF Securities Ltd.’s head of U.S. sales and marketing.
“Clients are getting nervous about the stock market and see the potential for a correction there,” Rhind, 30, said today by telephone from London. “That’s leading people to precious metals, and gold particularly, in a quality flight.”
Gold held in funds traded around the world by Jersey, Channel Islands-based ETF Securities Ltd., rose to a record 8.323 million ounces today. Assets under management at the closely held company’s U.S.-based gold fund, which began trading Sept. 9, rose to a value of $70.8 million, ETF Securities said.
http://www.bloomberg.com/apps/news?pid=20601082&sid=a2A6.76IUexQ
