Levenstein: We can expect much higher Gold Prices

A well-respected precious metals expert has claimed that Gold Prices have scope to move "much higher" in the coming weeks and months.

David Levenstein is a veteran of 29 years working in futures, equities, forex and bullion, and has traded gold both for his personal account and for clients.

Writing for Mineweb, he explained that the yellow metal appears to be on course for a shift to $1,300 per ounce, at the very least, from a technical perspective.

He noted that his main reason for adopting such a bullish stance is the perceived gloomy outlook for the dollar, which shares an inverse relationship with Gold Prices.

"Frankly I cannot see any bit of news that may suddenly appear that could have a miraculously powerful effect on the value of the dollar," he wrote.

"While my experience has taught me that it is very difficult to predict future prices, all the empirical evidence tends to indicate that we can expect much higher prices for gold, and a new high of $1,100 is only weeks away."

A similarly optimistic view was put forward this week by the China Mineral Company, which is a private enterprise firm located in the Gansu region of the country.

Despite some commentators believing that gold is showing artificial strength with this month's record prices, Tad Brooks from the company believes further gains are possible.

"There's been talk this week of $1,500 and I see that as perfectly achievable," he said.

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