Gold News

Gold Prices 'could reach $2,000 per ounce'

The head of a Toronto-based precious metals investment firm predicted yesterday (July 8th) that Gold Prices could reach record highs in the medium to long term.

Gold has been on a concerted bull run since it dipped to $275 per ounce eight years ago and is currently trading around the $900 per ounce level.

However, Nick Barisheff, president and CEO of Bullion Management Group, has explained in an interview with Forbes that Gold Prices may soon double their all-time high of $1,030 per ounce.

He told the news provider: "[Gold] could go up to $2,000 an ounce in the next few years."

Last week, Reuters reported that China was set to confirm its intentions to challenge the dollar's position as the global reserve currency at a meeting of the Group Eight in Italy yesterday.

James Steel, an analyst at HSBC, explained that this threat to the greenback - which tends to move in the opposite direction to gold - could provide a major boost for the yellow metal.

"The Chinese news has had a big impact. Gold was beginning to cut its gains when that came out. It has changed the complexion of the market," he told the Wall Street Journal.

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