While in Dubai this week I spotted some unusual graffiti.
This educated vandal is seemingly torn between becoming a graffiti artist or a financial consultant. Perhaps he/she should stick to the latter as this investment advice could turn out to be a good tip in the current economic environment, at least as far as gold, the most famous of the heavy metals, is concerned.
Gold prices are determined mainly by sentiment and prices tend to rise when there are concerns about global financial stability, wars or political turbulence and when the returns on other investments are declining. Currently, warning lights are flashing on a number of indicators. Many people are commenting that ‘the world has gone bonkers’.
With bank deposits and bonds earning nothing and stock markets looking toppy, investors are searching for safe havens for their savings. Hoarding some gold as part of a balanced portfolio might be the way to go.
If so, Dubai remains a good place to buy some. The Gold Souk never fails to impress with everything on sale from gold wedding jewellery to solid gold bars.
Or, for the person who has everything and likes to flaunt, plated 24K gold limited edition i-Pads, i-Phones and other show-off accessories can be purchased from a shop in the arcade of the Radisson Blu Hotel in Deira, Dubai. They don’t contain much precious metal but may have rarity value in the future.