Gold News

Gold Prices will surpass $1,000 per oz 'by end of 2009'

A prominent gold analyst claimed yesterday (August 17th) that the yellow metal will rise above the $1,000 per ounce mark in the fourth quarter of 2009.

Gold Prices have only broken out into four figures on a few occasions - most notably when reaching a record high of $1,030 per ounce last March - but have always dropped back afterwards.

However, Jeffrey Nichols, managing director of American Precious Metals Advisors, explained that rising jewellery demand should see those levels retested before the end of the year.

According to MiningMX, he said on SAfm Market Update: "Maybe it won't quite hold, but when it comes back down it will settle at a still-higher low point than we've seen in the last couple of ups and downs."

Meanwhile, George Milling-Stanley, managing director of government affairs at the World Gold Council - a marketing organization funded by leading gold companies - also expressed a positive outlook for the yellow metal.

Reflecting on the announcement of a third Central Bank Gold Sales Agreement last week, he explained in an interview with Reuters that the move underlines the intrinsic appeal of making a Gold Investment.

"The attitudes of the central banks right now are a very solid reaffirmation of the ... value that gold can bring to a properly balanced portfolio of reserves," he told the news provider.

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