Gold News

Gold Prices 'will stay above $1,000 per oz'

A respected gold columnist revealed today (June 1st) that he believes Gold Prices will eventually hold above $1,000 per ounce.

The yellow metal broke through the psychological barrier for the first time in March 2008 - hitting a record $1,033 per ounce - and did so again in February 2009.

A sharp correction has followed on both occasions, but with gold seemingly poised to hit four figures again in the near future, Lawrence Williams has predicted it will eventually overcome resistance.

Writing on Mineweb, he explained: "Gold is still likely to test $1,000 again if only as an inflation hedge with a strong backing as a continuing insurance policy in an uncertain marketplace, and eventually stay there.

"It may take two or three instances to break through decisively, but this is more than likely to happen in our view some time this year."

A similarly optimistic view was expressed recently by Robin Bhar, an analyst with Calyon, who explained that Gold Prices appear to have favorable technical factors for a move upwards.

"We have closed for two days above the $935 level, so the technical guys will be saying we now have confirmation of a successful upside break," he told Reuters.

"We've seen in the past gold has put in some false starts and never really achieved a clean break-out. If we close at these sorts of levels, it will look really good on the weekly charts and provide even more upside potential."

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