Gary Dugan, the chief investment officer for the US bank, said there has been a remarkable change in sentiment.
“People are genuinely worried about what the world is going to look like in 2009. It is amazing how many clients want physical gold, not ETFs…”
“They are so worried they want a portable asset in their house. I never thought I would be getting calls from clients saying they want a box of krugerrands.”
Merrill predicted that gold would soon blast through its all time-high of $1,030 an ounce, and would hit $1,150 by June.