Gold Prices to 'soar to $1,600 and beyond'

The head of Capitol Commodity Services predicted today (July 20th) that Gold Prices will reach $1,600 per ounce "and beyond" in the next one to three years, Bloomberg reports.

Gold reached its highest levels for five weeks on Monday, touching $955 per ounce at one point before eventually settling at approximately $950 per ounce - a daily rise of 1.4 percent.

However, it is the longer-term picture that is exciting Lannie Cohen, president of the Indianapolis-based futures brokerage firm, who explained that Investing in Gold is now far more attractive than purchasing paper currencies.

She told the news provider: "Gold is now trading like a currency and is rapidly becoming the preferred currency of choice.

"Central banks throughout the world are printing money at a rapid pace, and soon investors will lose complete faith in paper currencies. At that time, within the next one to three years, gold will soar to $1,600 and beyond."

Those comments were strongly corroborated last week by Michael Beh Soo Heng, managing director of the global markets and investment management division at United Overseas Bank, one of Asia's largest financial institutions.

He explained in an interview with the Malaysia Star that he expects gold prices to achieve a new all-time high above the current record of $1,030 per ounce in the next 12 months.

"It is still a good time to invest in gold as downside in gold price is limited to a certain extent," he told the news provider.

"Gold price testing the $1,000 per ounce level is pretty good in the next 12 months."

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