Gold News

Gold prices 'can go to $2,000 per oz'

A senior figure at Traverse City Financial & Investment Management Group claimed yesterday (November 3rd) that gold prices could rise to anything up to $2,000 per ounce.

Demand for gold has reportedly been on the slide of late as the US government has desperately attempted to restore some stability to the economy with its $700 billion rescue plan.

However, Paul Sutherland, the chief investment officer at the Michigan-based firm, has explained that gold will retain its appeal as a long-term investment.

He said: "The wonderful thing about gold is that you still have willing buyers. One of the first things people will buy once they take their heads out of the foxhole is gold. It can take on a life of its own and go to $1,000, $2,000.''

Mr. Sutherland is one of a number of market commentators to suggest that investing in gold is a sound strategy in the long run, despite the yellow metal's recent travails.

For instance, Ralph Preston, a futures analyst at Heritage West Futures in San Diego, has explained that while the current price volatility is disconcerting, patient investor will reap the rewards.

"I'm exercising patience and looking over a longer time horizon for gold to regain, in the eyes of the market, its status as a safe haven,'' he said.

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