Gold News

Gold Prices 'ready to push through $1,000 per ounce'

A leading Irish brokerage claimed yesterday (September 2nd) that Gold Prices are on the verge of reaching $1,000 per ounce.

The highest price ever achieved by the yellow metal was $1,030 per ounce - a level it reached in March 2008 - but it now appears to be eyeing four-figure territory again.

GoldCore has explained in a note quoted by Bloomberg that anyone with a Gold Investment is likely to benefit from another surge upwards in the next few weeks.

"A sustained push for that all-important psychological level of $1,000 an ounce and beyond, on safe-haven demand, seems likely in coming weeks," read one section, according to the news provider.

Another reason investors choose to move their money into gold is to provide a hedge against inflation.

Last week, Marshal Berol of the Encompass Fund, which has a 9.63 percent equity position in Seabridge Gold - a company involved in nine North American gold projects - predicted that inflation will return with a vengeance when the recession comes to an end.

"There are a lot of reasons we believe that the demand for resources will continue to expand. It's supply-demand in the case of gold," he said in an interview with the Gold Report.

"It's the storehouse of value. There's the inflation aspect. We're not of the camp that thinks deflation is here to stay, or that there's not going to be some decent growth globally."

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