Precious metal popular in private wealth management firms?

Private wealth management firms could direct clients to purchase precious metal stocks, as both gold and silver prices have rocketed due to ongoing economic uncertainty.

Bloomberg reports gold for immediate delivery added up to 0.4 per cent to $1,414.85 (£878.51) an ounce, while silver reached its best price in more than 30 years, trading for $28 an ounce.

Worries over European debt have precipitated falls in the euro and encouraged commodity trading, with a recent European Union official's visit to Ireland sparking fears about the country's ability to manage public deficit.

So private wealth management firms may advise customers to join the trend, as shares for perceived riskier stocks such as banks have been volatile of late.

Chris Yoo, head of global derivatives at Samsung Futures, commented: "Money is heading toward gold because the euro is falling and the dollar is poised to fall," stating: "In addition, gold is being supported by strong physical demand."

Copper is also valued highly at the moment, touching 28-month peaks in London and New York, while reaching its best price in 32 months in Shanghai.   ADNFCR-2318-ID-800224796-ADNFCR