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Gold Prices to reach $1,600 an ounce?

Gold Prices could surge as high as $1,600 an ounce within the next year, a global commodity strategist has reported.

According to BMO Capital Markets' Bart Melek, there is an "upside risk" that gold will reach that next barrier, having already exceeded the previous peak of $1,226.10 that was set at the beginning of December.

Speaking to Reuters, the analyst, whose firm manages total assets worth $373 billion and has 37,000 members of staff, said: "We think there are continued sovereign risk issues, even after the European debt bailout.

"Buying gold or precious metals generally as a hedge will continue until this environment stabilizes somewhat."

Jim Rogers, respected US investor and founder of the Quantum Fund, also highlighted the ongoing issues surrounding sovereign debt levels.

Speaking to CNBC, he said that an aid package for Greece would only postpone its problems, much in the same way quantitative easing has done in other parts of the world.

"As I've been saying to you all before, 2010 and 2011 are going to be years of currency turmoil not just in Europe but all over the world and Greece is bankrupt."

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