Golden price growth puts $1,000 in sight - Thursday 8th November 2007

Gold has staged another remarkable rally and has got forecasters revising even their most optimistic predictions.

After surging $12.60 (U.S.) to close at $823.40 an ounce in New York yesterday, more and more investment experts started to envisage the metal breaking through the $1,000 barrier.

John Ing, president of investment specialist Maison Placements, told ReportonBusiness.com that the 1980 record high of $850 was well in sight.

"I think we are days away rather than months away. Then I have an interim target of $1,000 an ounce," he added, fixing the next 12 months as a possible time frame for the hike.

Factors encouraging people to buy gold are converging amid current market instability, with a weakening dollar and a spiralling oil prices sending gold ever higher.

Financial institutions have recently lined up to revise their gold forecasts upwards, reacting to the prolonged bull-run that has driven the metal well up on August prices.
Goldbug, 08 Nov '07

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