Gold touched a high of $1,877 today, before dropping back to $1,850 an ounce as fears of slowed global economic growth continues to send investors from reeling stock markets. To read more from Reuters, click here.
If the “doom and gloom” predictions of the global economy’s future do come to fruition, many analysts predict the value of gold will continue on its long-term upward trend, topping $2000 US per ounce in the next couple of years. “It is not unreasonable with all the issues – the sovereign debt, municipal debt, huge trade deficits, and the cost of carrying – that gold will hit $1600 an ounce this year and $2000 an ounce in the next one to three years,” said Wayne Atwell, Managing Director at Casimir Capital.
Bloomberg reports that Gold fell for the third straight day on mounting speculation that an improving economy will cut demand for the metal as a haven.
Northland Resources S.A. (TSE:NAU) files an Exploitation (Mining) Concession application to the Finnish Ministry of Employment and the Economy for the Hannukainen iron Oxide-Copper-Gold project.
Bloomberg reports that Gold rose the most in a month after the dollar’s retreat boosted demand for the precious metal as an alternative investment.
The Hindu.com reports that Gold is losing its respect as the default and fail-safe asset class and becoming a speculative instrument.
Bloomberg reports that Gold fell the most in a week on speculation that the dollar will extend a rally.
Bloomberg reports that Gold futures rose to a record settlement of $1,416.10 an ounce on concern the U.S. will pump more cash into the economy.
Bloomberg reports that Gold swung between losses and gains amid signs that the U.S. economy.
Reuters reports that on Monday, Gold powered to another record above $1,398 an ounce.
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