Gold price hitting $1,000 per ounce is 'not impossible'

The head of a prominent metals consultancy firm has claimed that he expects gold prices to retest the $1,000 per ounce barrier as the financial crisis deepens.

Gold last scaled those heights back in March, when the price reached approximately $1,033 per ounce before hitting a sharp correction during recent months.

However, Paul Walker, CEO of GMFS, has explained that with the current turbulence in the markets set to continue, it looks to be a prudent time for investing in gold.

Speaking ahead of the London Bullion Market Association conference in Kyoto, he said: "In terms of core trading range for us, I have to say that gold going up towards the $1,000 level is not an impossibility at all.

"I would be surprised given the scale of the economic crisis if gold doesn't scale above $1,000."

GFMS predicted on September 17th that gold prices would rise above $900 per ounce during the fourth quarter and on the very same day it record the highest one-day increase ever, moving from $775 per ounce to just under $863 per ounce.

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