LONDON, 7 November 2012 - Private investors took advantage of a dip in the gold price to add to their holdings in October, wealth-management magazine Wealth Briefing reports today, citing the Gold Investor Index from BullionVault, the online gold and silver exchange.
"The drop in gold prices during October gave investors the chance to 'buy the dip' and add to their positions at a lower cost," Wealth Briefing quotes BullionVault economist, Ben Traynor.
"Although both the UK and US released better-than-expected GDP figures last month, the higher reading for the Gold Investor Index suggests that, at a grassroots level, not everyone is buying the idea that things are getting better. The number of self-directed investors adding gold to their portfolio as crisis insurance continues to grow."
October's Index - which weighs the balance of buyers versus sellers on BullionVault's online precious metals exchange - came in at 56, up from 52.5 in September. That marked the Index's third successive monthly gain, and its strongest reading since May.
A reading above 50 indicates there are more buyers than sellers, with a reading below meaning the opposite.
"More than 42,500 people have now used BullionVault to exchange physical gold and silver," says Wealth Briefing - a specialist news, views and information service for the wealth-management event.
"Between them, they own £1.07 billion worth of gold bullion ($1.72 billion) - more than is held by most of the world's central banks - plus a further £214 million ($345 million) in physical silver. BullionVault users now collectively own more than 1 million ounces of physical gold."
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