August 9, 2011 - 11:00pm
Rising gold prices attract sellers and investors
By Rachel Stern - Nanaimo News Bulletin
Uncertainty in the global market is pushing gold prices to historical heights.
The situation has some people cashing in and others buying to insulate themselves from stock market fluctuations and possible currency devaluation.
“Gold, and especially gold with other precious metals, has historically been the place to put your money in times of uncertainty,” said Raimo Marttala, chairman of the Vancouver Island University’s economic department.
Marttala said the demand for gold is partly psychological, because people are worried about the state of the global market. He said Canadian currency hinges on how well the economy is run.
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