The gold price
Gold Prices could be 'off to the races' - 6 May 2009
International Assets Holding Corporation has claimed that Gold Prices could be "off to the races" if key levels of resistance are broken, Bloomberg reports.
Jeffrey Rhodes, a Dubai-based trader for the firm, suggested that the yellow metal could eventually soar if prices can overcome resistance at $950 per ounce or $960 per ounce.
With support levels at $850 per ounce, he noted that this scenario would offer anyone with a Gold Investment an all-time high of $1,200 per ounce, beating last year's $1,033 per ounce, reached in March.
He told the news provider: "A number that would get everyone very excited would be $1,005 an ounce."
An equally positive view was expressed recently by Niel Pretorius, chief executive of DRDGOLD, who explained that he also expects gold prices to increase to $1,200 per ounce in the coming months.
The strong performance of gold during the economic crisis has benefited South Africa's fourth-largest producer of the metal and Mr. Pretorius is cautiously optimistic of further rises.
"While there is considerable comfort to be drawn from a stronger gold price, particularly if accompanied by rand weakness, we know we cannot be complacent," he told Reuters.
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Jeffrey Rhodes, a Dubai-based trader for the firm, suggested that the yellow metal could eventually soar if prices can overcome resistance at $950 per ounce or $960 per ounce.
With support levels at $850 per ounce, he noted that this scenario would offer anyone with a Gold Investment an all-time high of $1,200 per ounce, beating last year's $1,033 per ounce, reached in March.
He told the news provider: "A number that would get everyone very excited would be $1,005 an ounce."
An equally positive view was expressed recently by Niel Pretorius, chief executive of DRDGOLD, who explained that he also expects gold prices to increase to $1,200 per ounce in the coming months.
The strong performance of gold during the economic crisis has benefited South Africa's fourth-largest producer of the metal and Mr. Pretorius is cautiously optimistic of further rises.
"While there is considerable comfort to be drawn from a stronger gold price, particularly if accompanied by rand weakness, we know we cannot be complacent," he told Reuters.
For the very best Gold Prices - live online - plus secure storage of your physical property in Zurich, Switzerland for one-third the cost of an exchange-traded gold fund, click through and register with BullionVault now...
Goldbug, 06 May '09
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