Gold Prices 'could go above $2,500 per oz'

A well-known figure in the gold industry claimed yesterday (February 18th) that Gold Prices could break through the $2,500 per ounce barrier in the future, Mineweb reports.

The yellow metal is currently trading at around the $980 per ounce mark - a seven-month high - after making a strong recovery from an October 28th low point below $700 per ounce.

Now Jeffrey Nichol, head of American Precious Metals Advisors, has predicted that prices will continue to rise sharply, an admission which is made more surprising by the fact that he is not a renowned gold bug.

Speaking in an interview with Mineweb editor-in-chief Alec Hogg, Mr. Nichols is quoted by the news provider as saying: "Most people would say I'm nuts, but I think we are going to see gold over $2,500 per ounce before we're done."

His comments come after Eric Sprott, chairman and founder of Toronto-based firm Sprott Asset Management - which manages around £4.5 billion - also suggested that Gold Prices above $2,000 per ounce are conceivable.

"The [economic] trend is down, and there's not one signpost that says it's changing yet," he told Bloomberg.

"The investing public has started to go to that one thing that they think it's safe to invest in."

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