Gold News

Potential for gold to reach 1980 highs?

Gold prices still have room to reach the highs seen in 1980, it has been claimed.

If prices are adjusted for inflation, the equivalent of the $850 an ounce level reached 28 years ago is about $2,500 an ounce today, analyst Greg Cavan explained to ABC News.

And with low US interest rates and the weakening dollar, this is a high that could be achieved within the next two years, he predicted.

Slowing gold production could also be another factor for those buying gold to consider - GFMS has said that gold mining output fell by one per cent last year.

A number of major mining firms have also recently reported drops in overall gold production for the last financial year.

"We're really nowhere near the real highs - the real historic highs of the price of gold - so there's a lot of potential to reach those old highs and break through them," Mr Cavan stated.

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