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Gold prices could set new record highs above $1,030 an ounce in 2009 as investors flock to the precious metal as a hedge against future inflation and a weaker dollar, according to a leading fund manager. Investec Global Gold Fund’s portfolio manager Daniel Sacks said a combination of safe-haven buying of gold as an alternative

New York, July 30, 2009 — Global Hedge Funds are buying physical gold. In fact, twenty out of 22 hedge fund managers interviewed by Moonraker Fund Management in the United States are buying gold to protect their personal wealth against excessive inflation. Jeremy Charlesworth, Chief Investment Officer of Moonraker and manager of the Moonraker Commodities

Warren Buffett appeared on CNBC today during the before trading show “Squawk Box”, and told reporters: “The U.S. Dollar will buy a lot less in 10 years than it does today, that’s for sure”… Buffett has been warning investors about the falling U.S. Dollar for many years, including this report: Source: Wall St. Journal Marketwatch