Saturday, September 11, 2010

Gold to head to US$1600/oz ?

From the UK Telegraph: Last week, the analyst rated the most accurate forecaster of the gold price said the precious metal would keep rising.

Jochen Hitzfeld, an analyst at UniCredit, the Italian bank, has been rated by Bloomberg, the news agency, as the most accurate gold forecaster over the past three quarters. He reckons the gold price is heading for $1,600 an ounce.

His forecast is the latest in a long line of optimistic predictions. Other gold bulls include George Soros, famous for making £1bn by betting against the Bank of England, and John Paulson, the hedge fund manager who made $20bn by calling the credit crisis correctly.

These expectations that the price of gold will continue to rise come despite the metal already enjoying a decade-long bull market, rising from $253 in 1999 to its current level of about $1,260 a whisker below its all-time high of $1,265 reached in in full

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