Some Northern Rock Clients Buying Gold
October 1st, 2007“I really wonder if we are at a point where physical demand from people looking to diversify their portfolios could cause the thing to breakout higher. How many bank runs will the herd endure before it looks for alternatives?”
—Cryptogon, September 16th, 2007
Via: The Post:
Some beleaguered Northern Rock customers who withdrew their savings used the money to buy gold in search of old fashioned stability.
Dublin-based broker Gold and Silver Investments said that some of its British customers had switched funds from Northern Rock to gold as the price of the precious metal hit a 28-year high last week.
Mark O’Byrne said the demand for gold has been rising steadily but the falling dollar and record oil prices have driven up gold prices as investors turn to traditional investments.
‘‘The turbulence in financial markets is another factor,†O’Byrne said.
Research Credit: Pookie
