Gold News

Gold Prices to rise in 2009 'on weaker dollar'

An analyst at the largest bank in Africa has suggested today (May 12th) that Gold Prices look set to rise between now and the end of 2009, Bloomberg reports.

The yellow metal is currently trading at about $913 per ounce and has been hovering around $900 after slipping from a yearly high of $1,004 per ounce on February 20th.

However, Leon Westgate from Standard Bank has explained that he can see the dollar falling in the coming months, which will be good news for anyone with a Gold Investment.

He told the news provider: "We expect the dollar to depreciate to $1.50 by year-end. As a result, the gold price should rise. But we believe that the long-term trend in the gold price will be driven by the money in circulation."

A similar view was also expressed last week by Peter Marrone, chief executive officer of Yamaha Gold, who explained that the recent price declines are nothing more than a "hiccup".

"I am going to stand on the pulpit and tell you that I think that there is far more potential for gold and silver to go up than there is for copper to go up," he was quoted by Mining Weekly as saying in a conference call.

"I continue to believe that gold will go to higher levels than it is, and it has all the makings of substantially higher."

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