Gold News

Gold Prices could be 'off to the races'

International Assets Holding Corporation has claimed that Gold Prices could be "off to the races" if key levels of resistance are broken, Bloomberg reports.

Jeffrey Rhodes, a Dubai-based trader for the firm, suggested that the yellow metal could eventually soar if prices can overcome resistance at $950 per ounce or $960 per ounce.

With support levels at $850 per ounce, he noted that this scenario would offer anyone with a Gold Investment an all-time high of $1,200 per ounce, beating last year's $1,033 per ounce, reached in March.

He told the news provider: "A number that would get everyone very excited would be $1,005 an ounce."

An equally positive view was expressed recently by Niel Pretorius, chief executive of DRDGOLD, who explained that he also expects gold prices to increase to $1,200 per ounce in the coming months.

The strong performance of gold during the economic crisis has benefited South Africa's fourth-largest producer of the metal and Mr. Pretorius is cautiously optimistic of further rises.

"While there is considerable comfort to be drawn from a stronger gold price, particularly if accompanied by rand weakness, we know we cannot be complacent," he told Reuters.

For the very best Gold Prices - live online - plus secure storage of your physical property in Zurich, Switzerland for one-third the cost of an exchange-traded gold fund, click through and register with BullionVault now...

BullionVault-cube-19156495-ADNFCR

See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals