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Monday, 16th November 2009 (5078 views)

Some of the world's most affluent families are increasingly turning to gold investment during the economic downturn, according to a new report.

A survey of family offices and financial advisers carried out by the Family Office Channel showed that two-thirds of respondents believe families are more likely to buy the precious metal and other commodities during the crisis, the Financial Times reports.

Meanwhile, two-thirds also said that the richest families are less likely to look to hedge funds and structured products for investment purposes, with investors making an "instinctive retreat to ultra-safe asset classes" instead, according to the Family Office Channel.

A recent survey by Barclays Stockbrokers found that two-fifths of the company's clients believe gold prices will continue to rise as more investors flock to the safe haven properties of the precious metal.

Barbara-Ann King of the company noted that a number of global central governments have suggested that gold could become the reserve currency of choice instead of the dollar in the future.

 

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