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MARK MOBIUS SAID HE WILL CONTINUE TO BUY GOLD
World-renowned investor Mark Mobius said "I will continue to buy gold because it is on the rise and going well," in an interview with Bloomberg.
Yazar: Tom Roberts
Yayınlanma: 24 Temmuz 2020 14:58
Güncellenme: 21 Eylül 2024 23:05
MARK MOBIUS SAID HE WILL CONTINUE TO BUY GOLD
World-renowned investor Mark Mobius said "I will continue to buy gold because it is on the rise and going well," in an interview with Bloomberg. The fact that a 100 percent effective vaccine against the Corona virus has not yet been put into use, is breaking a record on the gold record due to the political tensions between the USA and China. Ounce price approached $ 1900. Gold has reached the highest level in the last nine years, with the largest weekly increase over three months. Due to the drop in the dollar and the economic effects of the corona virus, the expectation that aid packages that put money on the market will lead to inflation causes gold to rise.
The ounce price of gold in the spot market rose 0.1% to $ 1,889.24.On Thursday gold prices had hit the highest level with 1,897.16 $ since September. Gold has gained more than 4% since the beginning of the week, and has been preparing to record the longest continuous rise on a weekly basis since late 2011. In India, gold prices have already breached the key ₹50,000 per 10 gram level amid a record breaking rally this week. So far this year, gold prices in India are up 30% in the futures market. Precious metals funds saw investment inflows of $3.8 billion in the week to July 22, the second-largest weekly amount ever.
Mobius continued his words: When interest is zero, gold becomes attractive because when you have gold, you do not worry about interest. You see that gold rose in times of uncertainty in the markets. Silver, on the other hand, exceeded 22 dollars due to the rise of gold and reached its highest value since 1980.
WHO IS MARK MOBIUS?
US citizen Mark Mobius, born in 1936, is known for his investment in developing countries. Mobius was ranked among the '50 most powerful financial names in the world' by Bloomberg in 2011. The name, which has many books on the global economy, also writes reviews on its personal website.
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