An analyst at Dresdner Bank has claimed today (March 5th) that Gold Investment is a smart move as prices will hit record highs in the coming weeks, the Telegraph reports.
The yellow metal threatened to hit an all-time high recently when it broke through the psychological $1,000 per ounce barrier, but has since pulled back to nearer $900 per ounce.
However, Bayram Dincer, a commodity analyst for the bank in Zurich, explained that further Gold Price rises are inevitable as the capital market environment and real economy prospects are "not very favorable".
He told the newspaper: "Gold investment demand will start its dynamics again and push prices well into four-digit levels. It is just a matter of weeks when gold races over the record top."
Mr. Dincer's sentiments were strongly echoed last week by Frankfurt-based precious metals holdings company Heraeus, which suggested that a move to $1,100 per ounce could happen in the long run.
"Should gold actually manage to establish itself in the four digits, then a test of its all-time high can no longer be ruled out," it was quoted by Reuters as saying.
"Longer term we cannot rule out the yellow metal climbing up to $1,100 an ounce."
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