Gold News

Gold prices 'could double by 2010'

Gold prices could climb significantly over the next two years.

This is according to a new report from New York's Citigroup, which said that unless macro and supply and demand factors in the economy change significantly, gold bullion is likely to continue its good run in the long-term.

John Hill, mining and metals analyst at the bank, said that he believes gold prices will rise through 2009 and 2010, but that there could also be increased gold market activity as of this autumn, when declines in the gold mining sector begin to take effect.

"Longer-term, we would not be surprised to see gold prices double from current levels as the global policy prescriptions for the credit crunch remain powerfully and uniformly re-flationary," he said.

Citigroup is a major American financial service company based in New York City. It is one of the world's largest banks by revenue as of this year.

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