As global economic uncertainty rises, both governments and individuals around the world have been purchasing significantly more Gold this year than last, according to the World Gold Council.
Why Is The World Turning To Gold?
The most recent data from the World Gold Council reveals that investors around the world are using Gold as a hedge against the effects of the debt crises. Central Bank purchases of Gold are up 353% through the third quarter of this year from 2010, and individual investors around the world are also allocating more to Gold — despite the year-over-year rise in Gold price.
- Both the U.S. and Europe are experiencing a debt crisis. The U.S. debt rating was lowered this year from AAA to AA, and the Congressional Super Committee failed to act.
- Positive change is likely more than a year away. The political and economic climates in the U.S. are unlikely to change until months after the election next year.
- Gold is not tied to any individual economy or currency, is not affected by any country’s level of debt, and is recognized and accepted as a storehouse of wealth globally.
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