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Uncertainty About Double-dip Recession Prompts Investors To Buy Gold

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Unread 09.09.10, 11:05 PM
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Uncertainty About Double-dip Recession Prompts Investors To Buy Gold

09.09.10 07:01 PM

Gold prices remained flat during the last two days, but were still near their record highs, as a new survey found that a significant majority of Americans now fear that a double-dip recession is going to happen after all.

Some 65 percent of the respondents expressed this view, according to StrategyOne, a global consultancy. Of those, approximately 44 percent say it will be more severe than the previous recession and 21 percent worry it will be significantly worse.

"The consumer economic engine which drives our growth is either stalled or stuck in first gear," said Bradley Honan, senior vice president of StrategyOne.

He added that "until consumers feel more confident and are willing to spend more freely, growth will likely be anemic at best."

In fact, the survey found that in the next few months, about 41 percent of people are planning to cut back on their spending, nearly 80 percent say they will spend less this Christmas, and almost 90 percent admit that they won’t make a big-ticket purchase in the next three to four months.

In view of these results, individuals who are concerned about preserving their wealth and assets may turn to precious metals such as gold for safe investment options. On Sept. 8, gold futures for December delivery traded at $1,255 an ounce at 9:24 a.m. on the COMEX in New York, and the metal has increased in value by 15 percent so far this year, according to Bloomberg.



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