Gold News

Gold Prices 'to pass $1,000 per oz' by end of month

The head of Quantitative Commodity Research predicted today (September 4th) that Gold Prices could surpass $1,000 per ounce by the end of the month.

A survey of 26 traders, investors and analysts by Bloomberg revealed that the vast majority (21 or 81 percent) have bullish sentiments towards the metal at present.

Now Peter Fertig, owner of the Hainburg-based firm, has explained in an interview with the news provider that investors are Buying Gold as they seek a store of wealth.

He said: "It is likely that $1,000 will be tested again during the course of this month. There has been a flight out of risky assets into gold as a safe haven. It's been out of stocks."

Those sentiments were strongly supported last week by Michael Judas, an analyst at full-service global investment bank and institutional securities firm Jefferies and Company.

Discussing the latest financial results of Barrick Gold, which is the world's largest gold producer, he noted that gold prices will average about $1,025 per ounce in the next 18 months.

"Despite what we characterize as a transition year, Barrick's shares should provide an opportunity to participate in our forecasted improving move in gold prices going forward," he told the Associated Press.

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