Gold Prices 'to move higher' after stabilization

A futures broker at LaSalle Futures suggested yesterday (February 25th) that Buying Gold is still a prudent strategy as prices could be substantially higher in a year's time, CEP News reports.

Gold Prices have been fluctuating rapidly in the past week, with the psychological $1,000 per ounce barrier being broken for the first time since March 2008 last Friday, before a major sell-off on Tuesday.

However, Mike Glaser from the Chicago-based firm has explained that such a cooling period was inevitable after a run which saw prices increase by around 45 per cent from late October 2008.

He told the news provider: "I think we could see prices stabilize and trade sideways for a while before we get that final push higher.

"I think investors should keep themselves open to acquire gold on these dips. A year from now we could see these prices as a bargain."

Those views were echoed by Dennis Gartman from the Gartman Letter, who explained that he will be using the lull as an opportunity to extend his long positions in the yellow metal.

"We've waited patiently for this break, fearful that it would take place sometime along the way, and finally it has," he told CEP News.

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