Gold News

Gold Prices 'to reach $1,300 per oz in 2009'

A senior figure at URAM has suggested that Gold Prices could reach between $1,250 and $1,300 per ounce this year, Citywire.co.uk reports today (March 27th).

The yellow metal broke through the psychological $1,000 per ounce barrier for the first time in almost a year last month as investors looked for a safe haven from the economic crisis.

It has since cooled slightly but now Patrick Pittaway from the Geneva-based resources boutique has expressed his belief that "the only currency not getting debased, essentially, is gold".

He told the news provider: "Gold [Prices] will hit new highs this year. I certainly think it will get above the $1,030 high that it hit last year."

The debasing trend was also highlighted last week by James DiGeorgia, a Florida-based coin and precious metals dealer who is also the editor of the Gold and Energy Advisor newsletter.

"When the banking crisis hit [last fall], we saw an avalanche of demand," he told ReportOnBusiness.com.

"People are scared to death that all this debt [being taken on by governments] is going to debase the dollar and other currencies around the world."

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