Gold Prices 'to reach $1,100' in next six months
A prominent figure at Nomura Securities claimed today (October 1st) that Gold Prices could push past $1,100 per ounce in the next six months, Reuters reports.
Gold Bullion rose by 8.7 percent in the quarter to the end of September, while the $1,000-per-ounce barrier was broken for the fourth time in history yesterday.
Now Tatsufumi Okoshi, a senior economist at the oldest brokerage firm in Japan, has explained that gold will remain popular while other investments continue to look shaky.
"The gold market has already shifted its range, and I think the upper side of the range will be $1,100 in the six months to come," he told the news provider.
"Stocks are already on the defensive, bonds are too expensive to buy and commodities other than gold have factored in most good news into their prices. So gold looks a better choice than other asset classes."
Meanwhile, David Moore, a commodity strategist at Commonwealth Bank of Australia - which is the country's largest bank by market capitalization - has also predicted a bright future for gold.
Speaking to Bloomberg last week, he explained that investment interest in the yellow metal will grow because of its inverse relationship with the dollar, which has been struggling recently.
"Gold has attracted a lot of attention as the price continues to trade mostly in the $1,000-plus range," he told the news provider.
"A lower dollar may generate investor interest in gold as a hedge against dollar weakness."
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