Gold Prices could have new floor of $1,000

A leading financial analyst has suggested that the recent upward trend in Gold Prices could result in a new floor being set at $1,000 per ounce.

Ian Henderson, of JP Morgan Natural Resources Fund, also said that as a result of continued economic problems, Buying Gold remained an attractive proposition, according to the Daily Telegraph.

He told the news provider: "I still think that gold is on an upward trend and perhaps $1,000 an ounce will be the new floor, although it could rise above $1,100.

"There is still a great deal of uncertainty on unemployment and economic growth so it makes sense to diversify into gold."

Mr Henderson's assertions support statements made last week by Aram Shismanian, chief executive at the marketing organization for gold companies, who said that the current economic climate makes gold an attractive investment opportunity as a result of its safe haven qualities.

He told the Independent: "Gold always plays an important role as a protector of wealth, and in these current times of financial instability, that role has taken on a new-found prominence."

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