Gold News

Gold Price of $1,500 per oz 'is achievable'

A private Chinese enterprise predicted yesterday (October 26th) that Gold Prices could increase by a further 50 percent in their current bull run.

The yellow metal has been boosted since the start of the financial crisis as fears over the future of the dollar have encouraged investors to move their money away from risky assets.

Now the China Mineral Company, which is located in the Gansu region of the country, has explained that this trend could see gold go much higher than its current level near $1,050 per ounce.

"There's been talk this week of $1,500 and I see that as perfectly achievable," said Tad Brooks from the firm.

A similarly optimistic view was outlined last week by Martin Murenbeeld, chief economist at Dundee Wealth, which manages $58.5 million in mutual funds and brokerage accounts.

He explained that there is still scope for Gold Prices to increase dramatically because the inflation-adjusted equivalent of the previous bull-run high - which was achieved in 1980 - is $2,287 per ounce.

"Gold is not at any peak. The world's money supply has increased and gold hasn't kept pace. We're now in a period where gold is catching up," he told Bloomberg.

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