Gold News

Gold Prices 'could hit $1,400/oz' by end of 2010

A senior figure at JP Morgan predicted today (November 10th) that Gold Prices could reach $1,400 per ounce by the end of next year, the Wall Street Journal reports.

The yellow metal broke the $1,100-per-ounce barrier for the first time this week and is appealing to investors' for its ability to provide a safe haven in the current economic climate.

Neil Clift, managing director of the financial services firm - which has $2 trillion in assets - admits that there is a possibility that the record prices could prompt a sell-off at some stage.

However, he explained that this is unlikely to take place for at least 12 months, meaning that the current rally still has considerable scope to continue.

"I'm in the bullish camp. At the moment the market is in bullish mode and I actually am probably more a bull than most," he told the news provider.

A similar sentiment was expressed last week by Mike Sander, an investment advisor at Seattle-based firm Sander Capital Advisors.

He explained in a report quoted by Bloomberg that gold is being buoyed by "a whopping budget deficit continuing to balloon, a Federal Reserve in no place of raising rates and central banks all over the world diversifying away from the dollar".

"Everything is pointing to the price of gold going higher," he added.

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