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Gold prices 'back up before end of 2008'

Gold prices are likely to be back above the $1,000 an ounce mark by the end of 2008.

This is according to Louis Goluboff, managing director of Emerald Capital Investment International, who told Commodity Online that he believes the difficult economic conditions in the US are not over yet.

He cited the credit crunch and especially the collapse of banks such as Bear Stearns as factors that could happen again, proving supportive to gold prices.

Mr Goluboff also added that the recent consolidation provide a good opportunity to participoate in gold investment before the prices goes up.

"I think you'd be well off to invest in gold at these prices. Overall, I think the price of gold is going to continue to rise. It'll be back over $1,000 by the end of the year," he predicted.

Gold bullion hit the headlines in March 2008, when the price hit $1,000 an ounce for the first time in its history. It has not been repeated, but many analysts have since predicted that it might before the yearend.

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