All roads point to investing in gold
Gold is set to continue its rise into 2009 following a trend-busting 2008 if the predictions of two analysts are anything to go by.
David Meger, a senior analyst at Alaron Trading Corporation, and Jonathan Barratt, managing director of Commodity Broking Services in Sydney, both expect the price of gold to increase over the coming year, Bloomberg reports.
Mr. Meger has predicted gold will rise from $840 to $880 an ounce during the first quarter of 2009 on the back of downward pressure on the dollar resulting from the decision of the US Federal Reserve to lower interest rates.
Meanwhile, Mr. Barratt believes the yellow metal will continue where it left off when trading resumes in January.
"Gold remains the best performing metal for 2008," he told Bloomberg.
"All roads point to gold continuing its ascent in 2009."
Dan Smith, an analyst at Standard Chartered, the third-largest bank in the UK by value, is also confident that gold will continue to rise on the back of dollar weakness.
"We are quite bullish for gold in the long term, primarily because we see the dollar weakening substantially on all this liquidity being pumped into the system," he told Reuters.
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