GRANT ROBERTSON — Banking reporter
From Wednesday's Globe and Mail
Published Tuesday, Oct. 12, 2010 7:10PM EDT
The jump in demand comes from a variety of players that weren’t much of a force a decade ago when surplus vaults fell out of favour. They include the gold-backed funds that have become popular investment properties, as well as ultra-high-net-worth investors who want to hold large stores of bullion amid record-setting prices. Concerns about currency values and a sputtering global economic recovery helped push gold above $1,300 (U.S.) an ounce for the first time two weeks ago.
“Gold 10 years ago was $280 an ounce,” Mr. Wainstein noted. “So nobody wanted to worry too much about getting a lot of bullion into their vault. It just didn’t seem like a thriving business. That has changed.”
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