Gold USD1 000 An Ounce
Published / Last Updated on 07/09/2009
Gold $1,000 An Ounce
Gold prices this morning hit a 12-month high at $1,000 an ounce as demand continues and nervousness in other sectors remain.
The US Dollar dropped to an 11 month low this month against the Euro amid concerns that the recession will be longer than anticipated. We suggest this period of economic instability will continue for a few years.
Gold has risen nearly 14% in a year but we suggest this is a false and overstated reading. Demand is there due to inflation concerns and investor concerns in other sectors. If you are looking for a safe bet, it is not gold as you have ‘missed the boat’.
We suggest, in the New Year gold prices will suffer as confidence in other sectors returns. In addition, real demand for gold via jewellery manufacture etc is down, so that will also have a long term affect on prices.
For the brave, low value currency and shares will be the winners over the coming year.
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