Gold Prices to embark on a 'spectacular run'

A renowned Wall Street figure has predicted today (July 7th) that Gold Prices will enjoy a "spectacular" rise over the next few years, BNW Business News Wire reports.

Financial forecaster and economist Peter Schiff has gained respect as a market commentator after suggesting in 2006 that the world was heading for a major crash in stocks.

He has now explained that, with a prolonged period on inflation on the horizon, securing a Gold Investment is the most prudent approach to providing a safe haven for one's money.

"The only solution to the economic problems that we have today is a return to sound money … The world is ultimately going to have to move away from the 'Dollar Standard' and back their currencies with something real," he told the news provider, according to Resource Investor.

"I think gold is the best thing to use. Gold has been money for 5,000 years. I think that gold is going to go to many thousands of dollars an ounce. I'm not exactly sure how high but I think it will be a spectacular run."

Last week, a similarly optimistic outlook for gold - albeit more measured - was delivered by Wolfgang Wrzesniok-Rossbach, head of marketing and sales at Heraeus Metallhandels GmbH.

He explained in an interview with Bloomberg that if the yellow metal falls to about $925 per ounce, investors will view it as an excellent opportunity to make purchases.

"There's a bit of bargain-hunting. The overall picture hasn't changed - there's still enough threat around the global economy that should be positive for gold," he told the news provider.

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