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Foreign businesses looking for money safe havens

Foreign investors may be looking to make an international money transfer, according to Interactive Investor, which claims that wealthy citizens are looking for safe havens to put their savings into.

Mike McCudden, head of derivatives for the company, said that turmoil abroad was spurring on a migration of wealth to more stable regions.

"General equity trading volumes have been fairly low this week as investors scratch their heads and figure out where to invest under the sheer volume of information, which is pulling markets in all directions," he explained.

He said that negativity was "ringing in the ears" of investors with debt problems mounting in the US and the worsening situation in Europe.

This uncertainty has herded money makers towards gold as they seek "safety in numbers" pushing the price of the precious metal to new heights.

"We did see a lot of activity around small cap to medium cap gold stocks and, in fact, after the dramatic falls on Monday (July 18th) investors seemed attracted to cheapish looking mining and banking stocks," Mr McCudden commented.

This followed US president Obama's announcement to cut the country's deficit by $3.7 trillion (£2.2 trillion) over the next ten years.

"All eyes" were now said to be on decisions being made in Europe concerning the future of Greece's debt crisis, which threatened to spill over into more vulnerable eurozone nations.

Following a meeting of European leaders, a €109 billion (£96 billion) bailout deal was agreed upon, which included a partial default on Greece's current debts.

As part of the deal, the private sector pledged to contribute an additional €50 billion to the rescue package.

The FTSE 100 rallied upon the news, with the Royal Bank of Scotland advancing 4.4 per cent to 36.63 pence.

According to Ideal Property, international investors are vying for property in London, seeing it as a stable and secure long-term asset.

"People are buying in London because they need to get their money out of whatever country it is in and they see London as a safe place," commented managing director Stephen Dyer.

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