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Gold Prices to reach $1,600 per ounce?

Gold Prices could hit $1,600 per ounce if the US government continues to print new money, it has been suggested.

That is according to Fred Hickey, editor of US-based The High Tech Strategist periodical, who says that the US government will not change its approach to the way in which it deals with the downturn and, as such, Gold Investment opportunities will rise.

He said: "The Federal Reserve will continue to print. It doesn't have a choice. Other countries backed off investing in the US Central banks are Buying Gold.

"Who will fund our deficits? The Fed will keep printing until the dollar falls apart … I've been in gold for a decade. It could go up to $1,600 an ounce this year."

The benefits of gold investment were also recently championed by Ajay Mitra, managing director of the World Gold Council in India.

He said: "For investors, gold is as good as currency even in terms of returns. Also, gold has more stability. While it is also volatile, gold has never dropped in its value and you cannot substitute gold with anything else as it is finite."

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