Gold News

Gold Price of $1,375 per oz 'is on the cards' later this year

Trader Tracks analyst Roger Wiegand explained on Wednesday (May 20th) that he can see Gold Prices rising significantly later on this year.

In an interview with the Gold Report, he conceded that the yellow metal could be in for a quiet period during the summer, possibly slipping slightly to about $850 per ounce.

However, he noted that this will act as a precursor to a "larger, extended rally" some time in the fall, with Gold Prices possibly increasing to $1,375 per ounce.

He told the news provider: "Gold should rise significantly in the fall. I know manipulators will be trying to cap it and keep the lid on, but one of the keys could be a rally price break through $1,007 - the former high.

"Then gold could run away to $1,150 and more, easily up to $1,260. The other event, depending upon manipulation, is the chance gold could rise as high as $1,375 on the December futures contract."

Earlier this week, Aram Shishmanian, chief executive officer of the World Gold Council, explained that gold has performed particularly well during the economic downturn.

He noted that investors are attracted to the yellow metal as it provides a safe haven, while also offering a hedge against the possible onset of inflation in the coming months.

"Gold, as one of the few assets that has held its value during the current economic crisis, has been sought out by investors who are drawn to its proven protective attributes as well as safeguarding themselves from the erosive effects of future inflation," he said.


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