Gold News

GFMS chief: Gold prices to hit $1,100 per oz this year

The head of GFMS has claimed that gold prices will rise to around $1,100 per ounce by the end of 2009, MiningMX reported on Thursday (January 8th).

CEO Paul Walker is well-respected in the industry after successfully predicting that the yellow metal would not pass the $1,200 per ounce barrier over the course of 2008.

Now the UK-based analyst has confirmed - much to the delight of anyone with a gold investment - that the figure could be reached in 12 months' time as the debt from September's financial meltdown unwinds.

He told the news provider: "Gold is looking a very attractive proposition for those people looking for a safe place to put their cash.

"You have to look at the huge fiscal stimulus packages already put in place by the United States authorities and with more being promised once president-elect [Barack] Obama gets into office."

Mr. Walker's view was strongly corroborated last week by veteran investor Byron Wien, from Pequot Capital Management, who also showed his powers of prediction by forecasting recession 12 months ago.

He noted in his annual 'Ten Surprises' list that gold prices cold hit $1,200 per ounce this year on the back of a "serious downward slide" in the dollar.

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