Gold News

$1,500 'not aggressive' for gold prices

People claiming that the run of good gold prices is over are wrong, one financial analyst has claimed.

In fact, contributing editor of Money Morning Martin Hutchinson says he believes that prices could rise significantly before the end of 2008 as a number of factors make a difference to investment in gold.

He states that worldwide monetary policy, global supply and demand and the past performance of gold as a safe haven will all contribute to the price rise.

Mr Hutchinson also claims that if interest rates in the US are not raised before the end of 2009, gold prices could hit $2,000.

"Even if $2,000 seems to be a somewhat aggressive price target for gold, understand that a target price of $1,500 certainly is not. And it seems very probable that with speculative demand tending to increase, gold could reach that latter level before the end of 2008," he said.

According to Commodity Online, demand for gold in the developing world will increase to an "explosive" amount in coming years as poorer countries strive to emulate the west.

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