A senior figure at Casey Research claimed yesterday (March 5th) that Gold Prices are likely to hit $1,500 per ounce this year, Gold Investing News reports.
The yellow metal is currently trading at around $910 per ounce, down from its recent ascent to four figures on the back of some investors closing short positions to take profits.
However, David Galland, managing director of the company - which distributes information on junior miners and explorers - believes the current price represents an excellent investment opportunity.
He told the news provider: "You'll probably see $1,500 this year. You can only mine so much gold in a given year. Dollars can be created in the blink of the eye and with the signing of the pen."
That view was corroborated last week by Mark Robinson, a Gold Bullion analyst in Dubai, who explained that physical gold is set to continue outperforming all other assets.
"Gold is a very solid asset. Buying physical gold does have advantages compared with other investments," he told Commodity Online.
"Investments in gold-backed financial products and paper gold should be left up to the professionals."
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