Gold price to hit $2000/oz in the near future

Gold prices will reach the psychological milestone price of $2,000 per troy ounce as early as mid-January, according to an administrator with a high-flying hedge fund.

Tony Hall with Duet Commodities Fund predicted that the price of gold will hit the $2,000 per troy ounce mark by the middle of April 2012 during an interview with Bloomberg. He also predicted the U.S. will avoid a recession, but gold still will gain in value.

“The decline is more of a healthy retracement than a change of the trend,” Hall told the news service. “I do think the trend is still in place and in the next three to six months we’re going to reach the $2,000 mark.”

With a record price of $1,923.70 per troy ounce, the precious metal is barreling toward 11 consecutive years of annual gains. When touching the record price in early September, gold futures were up roughly 35 percent since January.

The yellowish metal serves as a haven for investors to store wealth during rough economic times. The precious metal has gained in value this year largely because of debt crises in the euro zone and the U.S., fears of inflation and the weakening value of the U.S. dollar.

Source: http://www.examiner.com

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Posted by admin on Nov 11 2011. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry