Gold News

Precious metals expert predicts $1,000 golden future

A precious metals research consultancy has claimed that gold prices could soon breach the $1,000 mark and stay there.

Philip Klapwijk, executive chairman of Gold Fields Mineral Services, told the London Bullion Market Association's precious metals conference that prosects for the metal were very bright.

Mr Klapwijk claimed that with the recent bull run on gold in mind, an $1,000 per ounce price tag was a high possibility – particularly when considering spiraling crude oil prices.

He added that, in the meantime, the market "may see levels of $850 per ounce by the end of 2007, as oil closes in on the $100 per barrel mark".

Gold prices have staged a gentle retreat over the past week, with a 28-year high of $845.58 experienced on November 7th as sub prime woes, inflationary fears and high old prices converged to send investors looking to buy gold for its safe haven value.

While oil prices have eased and allowed the gold price some respite around the $800 mark, longer term prospects still remain high – with many analysts citing dollar weakness as a spur for continuing bullion investment.

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