GCM Worldwide maintain strong position on Gold

A communiqué from analysts at Global Capital Markets Worldwide (GCM Worldwide) to their investors this week hinted strongly that the firm will maintain or even increase it strong position in the gold markets, as equities continue to be shackled by uncertainty over debt levels.

Gold rose to near a record price in London as concern that the U.S. and Europe will struggle to contain their debt burdens spurred demand for the metal as a protection of wealth.
U.S. lawmakers remained at odds on how to raise the country’s debt limit in time to avoid a default. Standard & Poor’s said Greece will partially default once European officials push through a second bailout plan for the nation agreed to last week. Gold reached a record $1,628.05 an ounce this week.
The written communiqué from GCM worldwide stated that ‘the repercussions of policy decisions made both in Europe and the US regarding debt levels are far-reaching and unknown. Consequently, to mitigate such an area of risk to our portfolio as a whole, GCM Worldwide have exercised prudence and shifted a percentage of funds to safe-haven investments such as Gold. This has in turn, provided returns much higher than those forecast due to increased, subsequent buying activity”.
Gold is up 14 percent this year, heading for an 11th straight annual gain, the longest winning streak since at least 1920 in London. The MSCI All-Country World Index of equities gained 2.4 percent in 2011, the Standard & Poor’s GSCI Index of 24 commodities is up 10 percent and Treasuries returned 3.3 percent, according to GCM Worldwide, who referenced data from external industry sources.
Senate Democrats
The House of Representatives planned to vote today on a debt-limit increase proposal that confronts unified Democratic opposition in the Senate. Treasury Secretary Timothy F. Geithner has said the U.S. will run out of options to prevent a default on Aug. 2 if the debt ceiling isn’t raised.
Global Capital Markets Worldwide (GCM Worldwide) are among a growing group of investment firms warning the U.S. may lose its top-level debt rating as officials struggle to raise the $14.3 trillion borrowing limit and reduce spending.
S&P yesterday lowered its ranking for Greece to CC, two steps above default, and said the outlook on the debt is negative. Last week’s accord also strengthened the region’s bailout mechanism to offer protection to other euro-region nations such as Ireland and Spain to avert contagion. The extent of GCM Worldwide’s exposure to European markets is however, limited to some niche holdings.

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Karl Groening (Freelance Journalist)
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This release was published on openPR.