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Gold Price to reach record highs this year, says GFMS

Bullion Vault [1]
Thursday, July 9, 2009

A leading precious metals consultancy claimed today that Gold Prices should comfortably break the $1,000 per ounce mark by the end of the year.

The yellow metal reached its all-time high of $1,030 per ounce last March and has since passed the four-figure again on two further occasions before quickly falling back.

However, GFMS chairman Philip Klapwijk has explained that ongoing concerns over the state of the global economy – plus subsequent inflationary worries – should see investors continue to buy gold in the remainder of 2009.



Speaking at GFMS’ annual Gold Survey in Beijing, he commented: “The price may have pulled back a fair bit from the February highs but that was largely just the market’s reaction to jewellery demand crumbling and scrap booming.

“We believe that it’s far from game over for investors. The gold price in the coming months could easily re-attain the $1,000 mark and is likely to push up towards a fresh record high before the end of the year.”

Full story here. [1]