Tue Feb 24, 2009 4:01am GMT

By Nick Trevethan - Analysis

SINGAPORE (Reuters) - Gold is rapidly becoming the last haven in a sea of uncertainty as worries rise about the ability of not only commercial banks, but even governments, to repay debts.

With few signs that the world’s worst economic crisis since the 1930s is close to bottoming out, wrung-out investors will keep on pumping money into gold-backed securities as insurance against financial Armageddon.

But like most insurance policies, investors hope it won’t pay off.

“Gold is an investment you hope you never make money on. If you do, it means other markets have lost,” said Stephen White, director at Sydney-based treasury advisory firm Noah’s Rule.

He added: “Cash is king and gold is cash in any currency. In the short term, gold will continue to appreciate but once stability returns be ready for a quick fall, possibly similar