Gold "the Safest" Vehicle

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Longer-term, says Roland Duss - co-chief investment officer at Gonet & Cie, the Swiss private bank based in Geneva - the price of Gold Bullion could reach $2,000 or more per ounce over the next decade. "We are still in a commodities bull market."

"The price of gold bounced from its third drop to $880 in three days early Thursday, recording a London Fix of $889 per ounce as Asian stock markets closed lower for the 11th time in 17 sessions.

Crude oil slid 2% to $103 per barrel, while US Treasury bonds rose, pushing the annualized yield offered by 3-month notes down to 0.45%. "Gold is the safest vehicle," said Afshin Nabavi, vice president of the MKS Finance division of the Swiss refining group, to Bloomberg this morning.

"People don't have much trust right now in the banking system...There's a lack of confidence in stocks."

Hong Kong cash-savers lined up Wednesday to withdraw their money from Bank of East Asia after what the authorities agreed were "malicious rumors" the $51-billion institution has been infected by the US banking crisis...

Longer-term, says Roland Duss - co-chief investment officer at Gonet & Cie, the Swiss private bank based in Geneva - the price of Gold Bullion could reach $2,000 or more per ounce over the next decade.

"We are still in a commodities bull market," Duss told London's CityWire news service on Wednesday.

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