Gold News

Gold Prices to have 'another run-up' in 2009

A senior figure at Scotiabank Group claimed yesterday (July 16th) that Gold Prices should embark on a strong upsurge in the remainder of 2009, Reuters reports.

Investors traditionally Buy Gold as an alternative investment to paper currencies and in particular the US dollar, with which it has tended to share an inverse relationship.

Now Patricia Mohr, vice-president of economics at the group, has explained that the yellow metal could benefit from growing inflation in the next few months.

She told the news provider: "I expect prices for both gold and silver to have another run-up at some point, as the US dollar comes under further pressure, as sovereign wealth funds and China balk at huge US Treasury issuance and some signs of rising inflation re-emerge - probably towards the end of 2009."

Those comments come after Nick Barisheff, president and CEO of Toronto-based precious metals investment firm Bullion Management Group, outlined a hugely positive long-term view on gold.

He explained in an interview with Forbes that he can see the metal doubling its all-time high price of $1,030 per ounce.

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

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