”High bullion prices are here to stay,” he said. His bullish comments came as many delegates said that they forecast gold prices reaching between $700 to $1,200 an ounce in 2009. Mr Charles, who is also head of precious metals at HSBC in London, said that investors were returning to gold as confidence in the US dollar and many other asset classes was shaky. He said that the change was likely to be a structural change, rather than a short-term phenomenon that will fade away with calmer markets.
Charles said ”Gold will be looked at in a different way even when the credit crisis ends”
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