“Was it fear of inflation and the financial uncertainties that led investors to continue to pile into gold,” says Fox Business.
George Milling-Stanley, managing director of the World Gold council, interviewed by Fox Business. Check out the video
“people are buying up so much focusing on capital appreciation right now but I’m preservation of wealth,” says Milling-Stanley
Milling-Stanley states that the increase in gold accumulation is for preservation of wealth and diversification of people’s portfolios.
Reasons for Increase in Gold from Milling-Stanley
- weakness in the dollar
- fear of inflation
- “it’s actually less volatile than most other assets” (direct quote from Milling-Stanley)
When asked about what we can learn about the purchase of gold in China Milling-Stanley had this to say
“I think that that China is somewhat more insulated from the world economic recession and India was that is the message I think we’re getting from from”