Barclays Capital in 'bullish bias' towards Gold Prices
Barclays Capital revealed yesterday (September 23rd) that it is still adopting a bullish stance on the future of Gold Prices, Bloomberg reports.
With the yellow metal pushing above the psychologically-significant $1,000 per ounce level this month, some analysts believe that a sharp correction could be just around the corner.
However, Jordan Kotick from the investment banking division of Barclays - which is the 25th largest company in the world - believes those concerns are wide of the mark.
"We maintain a bullish bias for gold, expecting a test and break of the all-time high with potential for higher levels still into year-end," he wrote in a new report with other analysts from the firm, according to the news provider.
The prospect of gold beating its all-time high of $1,030 per ounce - which it reached in March 2008 - was also alluded to last week by Nick Holland, CEO of the world's fourth-largest gold producer, Gold Fields.
In an interview with Reuters, he explained that the metal often moves in the same direction as oil - and with crude looking strong at present, gold is likely to benefit.
"Some people say oil is going up to $100 a barrel in the next six to 18 months," he told the news provider.
"If that's true, and if you look at the long-term relationship between gold and oil, you should find that gold would go to $1,500 to $1,600."
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