Banks raise fees for the storage of gold in London, and the tremendous increase in demand for the precious metal has made scarce counters gold in the British capital, which is a world center for gold. As the U.S. network CNBC, almost all banks traded gold prices have increased since March this year for the gold deposit. This development is a further indication of how the demand for investment-safe havens is creating tensions in the financial system, he notes. Moreover, last week the Bank of New York Mellon announced that it will start billing on large deposits, after the sudden inflow of cash. Investors are turning to gold in an effort to protect their wealth from the turbulence in financial markets.
This news post was written by Chris on August 10, 2011