Gold News

Gold Prices to break $1,000 per ounce 'and stay there'

A respected gold columnist has claimed today (June 29th) that now could be the last opportunity to make a Gold Investment before prices begin to surge.

Writing on Mineweb.com, Lawrence Williams explains that the huge fiscal output from the US government in response to the financial crisis will eventually lead to a sustained period of inflation.

Furthermore, he notes that the country's current account deficits could have the knock-on effect of devaluing the dollar, which tends to move in the opposite direction to Gold Prices.

He wrote: "It does seem to be a not unreasonable prospect to see gold continuing its climb later in the year, even if stuttering a little at the moment.

"Sooner or later, we feel, the $1,000 barrier will be breached and once through that it may well stay there for the foreseeable future."

A similar view was outlined last week by Ronald Rasen, director of the Delta Society International and producer of the Rosen Market Timing Letter.

He explained that the technical charts following gold prices over the past 18 months are "boiling hot" and that an all-time high beyond $1,030 per ounce is imminent.

"It further says that 'The time has come…' to put aside fears and worries about sell-offs and corrections," he wrote on MarketOracle.co.uk.

"This chart is telling us that there will be a new closing high in a matter of weeks, not months. Once a new closing high is achieved the price may run up for a while."

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