Australia's chief commodities forecaster has predicted that Gold Prices will average around $910 per ounce this year, the Australian reports today (March 16th).
The yellow metal recently broke through the $1,000 per ounce barrier but immediately fell back, as it has done before when reaching seemingly crucial resistance levels.
However, the Australian Bureau of Agricultural and Resource Economics believes that Gold Investment is a sound move as prices will remain strong until at least 2014.
In its recently-released commodities outlook, the body is quoted by the news provider as saying: "This rise is expected to stem from growth in retail investment demand in the form of gold bars, coins and other products, which has grown in popularity in some countries as global economic and financial market uncertainty intensifies."
Indeed, those comments were strongly corroborated last week by David Einhorn, founder of the Greenlight Capital fund, who believes that any economic move in the coming months will suit gold.
"Our instinct is that gold will do well either way: deflation will lead to further steps to debase the currency, while inflation speaks for itself," he said in a note to investors, quoted by the Financial Times.
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