Gold News

Gold Prices above $1,000 'sustainable for some time'

A leading fund manager has predicted today (September 30th) that Gold Prices will firmly establish themselves above $1,000 per ounce, the Daily Mail reports.

The yellow metal has pushed into four-figure territory on three occasions, but has then proceeded to suffer corrections of varying degrees relatively soon afterwards.

However, Evy Hambro, who manages the £1.7 billion ($2.7 billion) BlackRock Gold and General fund, believes the current landscape is extremely bullish for Gold Investment.

"Gold has established a strong base above $900 an ounce - and I expect the next move above $1,000 to be sustainable for some time," he told the newspaper.

"All the ingredients are in place for a sustained bull market in gold. Falling mine supply, robust jewellery demand and the potential for a reduction in net central bank sales will all be supportive of prices."

Meanwhile, Frank Holmes, CEO and chief investment officer at commodities-focused fund manager US Global Investors, has expressed a cautiously optimistic outlook for gold.

He explained that despite the metal's traditional role as a hedge against inflation, it also appears to have the ability to offer value in a deflationary economic environment.

"Gold's rally primarily was driven by its inverse relationship with the US dollar," he said in an interview with Reuters.

"[It] could still go higher in [a] deflationary economy because of currency devaluation as a result of deficit spending and a strong resolve to keep interest rates negative."

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