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Gold is a new currency: John Ing

Tags: Gold

Gold has become an investor darling in recent years. But John Ing, President and gold analyst at Maison Placements, tells BNN the meteoric rise in the price of gold has more to do with a change in the perception of global currencies than just investor enthusiasm.

"Gold has become the default currency," he says. "Gold has become money again. It hasn't been that way for 40 years."

"The realization of investors today is that the consequence of the '08 financial crisis and the consequence of the sovereign debt crisis and we only have to look at history and it's going back to some sort of currency that we can trust -- and gold fulfills that role," he adds.

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