Gold 'will go to $1,250 per oz' in the next period

The head of a major New Orleans-based gold dealership has claimed today (November 6th) that he is bullish on the long-term prospects of the yellow metal.

Gold prices have sustained more volatility than usual in recent weeks as investors are selling and shifting their money around, trying to decide which area represents the best investment.

However, Donald Doyle, chairman and CEO of Blanchard, has explained that when precious metals ride out the current storm in the near future, investing in gold, in particular, will reap the rewards.

He told seekingalpha.com: "Looking past the current turmoil, the stimulus is bullish for precious metals - but we believe the current turmoil will likely linger for a few more months.

"Fundamentals will re-establish themselves as the driver of the gold market, and we believe we'll see $1,250 gold during this period."

This view has also been echoed in recent weeks by James West, head of the Midas Letter, a financial advisory service designed to highlight risks and prudent strategies for investors.

He explained that the gold price is on the verge of a "tremendous breakout to the upside" and that the current lull represents an excellent chance to enter at a low level.

"Ignore the negative press on gold and recognize the current price weakness for what it is: the last time you'll see gold this cheap in a long time, and therefore a huge opportunity," he said.

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