Gold Price trend will remain upwards, says economist
A well-known economist has claimed today (October 26th) that Gold Prices have the potential to continue the upward trend seen over the past eight years.
The yellow metal has continued to prove its critics wrong so far this year and rose to an all-time high of $1,072 on October 14th as demand for the dollar plummeted.
Now Dennis Gartman, editor of the Suffolk, Virginia-based Gartman Letter, has explained that any dips in the future are merely a precursor to further gains.
"We are long gold. The trend is up and consolidations are merely resting points before new and higher highs are made," he said in a new report quoted by Bloomberg.
Those comments come after Andrey Kryuchenkov, from VTB Capital, which is the investment banking division of one of Russia's leading universal banks, also provided a boost for anyone with a Gold Investment.
He explained that, despite the record highs witnessed so far this month, the plight of the greenback - which shares an inverse relationship with gold - is likely to spur further buying.
"It is still too premature to short gold. The dollar remains vulnerable and investor appetite for gold could re-emerge very quickly," he told Bloomberg.
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