Gold News

Gold Price of $2,300 per oz 'would not be surprising'

A senior figure at US Global Investors claimed today (February 11th) that he would "not be surprised" if Gold Prices reached $2,300 per ounce, Mining Weekly reports.

Portfolio manager Ralph Aidis dismissed the notion that commodity demand has fallen and instead suggested that shippers have been struggling to secure funding from crisis-ridden banks to complete deliveries.

Furthermore, he noted that the government's decision to let Lehman Brothers fold was a "pretty dramatic mistake" which would see Gold Prices go higher in the long-term, despite the possibility of a pull-back in the short-term.

He told the news provider: "If you plotted gold, the gold price went to its biggest extreme in 15 years inverse to the dollar and prompted people to get some gold in their portfolio.

"The dramatic correction has delayed but not destroyed the 20-year commodity cycle."

Mr. Aidis' comments come barely a week after Eric Sprott, chairman and founder of Toronto-based firm Sprott Asset Management - which manages around $4.5 billion - claimed that gold prices above $2,000 per ounce is a distinct possibility.

"The investing public has started to go to that one thing that they think it's safe to invest in," he told Bloomberg.

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