Wednesday, June 23, 2010

More Americans interested in gold

NEW YORK - AUGUST 11: Billionaire George Soros...

Image by Getty Images via @daylife

More and more Americans are succumbing to the charms of the yellow metal as they seek shelter from a swirling combination of fears — a double-dip recession and the debt crisis in Europe, the volatile stock markets and the shaky currencies.

Unlike in Asia, stocks and property have always been traditional investment options for Americans.

But now in a nation of gold-skeptics, the yellow metal is being seen as a relevant investment choice once again.

Last month, the sale of the one-ounce, investment-grade American Eagle gold coins zoomed to its highest level in 11 years. Some 190,000 coins were sold, nearly three times the number last year. The demand continues to be strong this month, a U.S. Mint spokesman said on Friday as prices scaled a new high.

While coins make up a relatively small part of overall gold demand, the record sales point to a perked-up investor interest. Financier George Soros, for instance, grabbed headlines when he recently doubled the size of his gold holdings, which now represent 7.5 percent of his US$8.8-billion fund.

More Americans interested in gold

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