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US Federal Reserve chairman, Ben Bernanke.
the Netherlands, Austria and Greece also have more than half of their total reserves in gold. Other factors also impact on price levels such as the world’s jewellery market, which has been active even in the recession with India and China accounting for 45 per cent of global demand in 2009. Gold usage in technology applications, particularly in the electronics industry for semiconductors as well as in mobile phones, also remains a steady source of demand. As a result, the World Gold Council does not consider the metal to be overvalued and points out that “even modest allocations to gold in a portfolio can help investors mitigate losses and hedge against tail risks without sacrificing long-term returns.�
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MP0009-IBG LAUNCH-Gulf Business HP V1.indd 1
10/24/10 3:01:58â&#x20AC; â&#x20AC;ŹPM
December 2010 gulfbusiness
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