The head of a London-based precious metals research firm explained yesterday (September 8th) that he is optimistic that gold prices will rise steadily over the next three to five years.
Speaking at a seminar at the three-day Denver Gold Forum, Paul Walker, chief executive officer of GFMS, claimed that gold could make advances to over $900 or $1,000 per ounce.
He stated that the main driver of his view was a number of macroeconomic factors which are working to the advantage of gold and could see it maintain a high level for a sustained period of time.
"I am still bullish on gold," he said.
Mr. Walker also explained that gold bullion would have a crucial role to play if demand for the yellow metal begins to cool at any point over the stated period.
He added: "The physical market matters tremendously over the next three, four, to five years."
In addition, Mr. Walker said that he expects the hill that gold has to climb in terms of returns to become steeper in the future, at which point people investing in gold now should sell to maximise their profits.
Mr. Walker's bullish sentiments are also shared by Jim Rogers, the co-founder of the Quantum Fund and creator of the Rogers International Commodities Index (RICI).
He explained in a recent speech in Bangkok that a combination of cooling mining supplies, refiners taking a hard line with sales and buyers being tempted in to the market amidst the current correction are all beneficial for gold prices in the long-term.
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