Gold News

Gold Prices are riding a perfect storm, says RBC analyst

A market expert at the largest bank in Canada believes Gold Prices are riding a "perfect storm" that could last for another six months, the Independent reports.

The metal's eight-year bull run is pressing ahead at full pace, with record highs being achieved in six of the last eight trading sessions, culminating in a push to $1,123 per ounce today (November 12th).

Although some commentators claim that a major sell-off is imminent, Leon Esterhuizen, a gold mining analyst at RBC, has suggested that gains could be extended well into 2010.

"You have the perfect storm at the moment and so there is no reason to think anything should change," he told the publication.

"In the next six months or so, we would expect to see $1,200 gold."

Further positive news for anyone with a Gold Investment arrived today in the shape of a new poll conducted by the London Bullion Market Association.

On average, the 368 traders, analysts, miners and central bankers surveyed at the group's annual conference believed that gold prices will be at $1,181 per ounce in 12 months' time.

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