Gold News

Gold Price of $1,000 per oz is 'on the cards'

The manager of a major fund has claimed today (February 17th) that Gold Prices are almost certain to hit $1,000 per ounce in the coming months, Market Watch reports.

Gold increased by 3.1 percent last week and is now touching $970 per ounce, not too far short of its all-time high of $1,033 per ounce, attained in March 2008.

With that in mind, Brian Hicks, co-manager of the US Global Investors Global Resources Fund, has explained that strong Gold Investment demand will keep prices rising.

He told the news provider: "I think $1,000 is pretty much almost on the cards here just given how strong the trend has been.

"[Strong demand is] a reflection of just how concerned investors are becoming about the ongoing volatility in the equity market as well as the financial crisis."

Those sentiments were strongly corroborated last week by Ashok Shah, chief investment officer at fund management firm London and Capital, who explained that a number of factors are playing into gold's hands at present.

"Governments are supplying liquidity into the system and unless they sterilise it (issue bonds) they are laying the foundations for much higher inflation for years to come ... These are the things gold thrives on," he told Reuters.

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