More Germans invest in gold

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Source: CCTV.com | 10-10-2008 08:38

With plunging stocks and rising worries, more and more people in Germany are turning to gold as a safer investment.

Gold bullion coins known as Krugerrands are pictured in the mint where they are manufactured in Midrand  outside Johannesburg October 3, 2008. REUTERS/Siphiwe Sibeko

In Berlin, there's now a waiting time of up to six weeks for gold bars. Demand remains high in spite of a recent price spike in the precious metal which now floats at nearly 900 US dollars an ounce.

In Frankfurt, many residents say they invest in gold because it won't depreciate. Experts say gold has always functioned as a safety net in times of economic uncertainty.

Financial officials in Germany say the country will likely cut its economic growth forecasts due to the financial crisis.

Editor:Zhang Pengfei