The gold price
HSBC raises Gold Price forecast - Friday 15th May 2009
One of the world's leading financial institutions has today (May 14th) increased its Gold Price forecast for 2009, Reuters reports.
HBSC confirmed that it is increasing its prediction for the performance of the yellow metal in the remainder of the year from $825 per ounce to $895 per ounce.
Chief commodities analyst James Steel explained that the decision was made as fears over the prospect of inflation are creating an increased demand for Gold Investment.
He told Reuters: "Inflation fears are supporting gold … Possible USD [US dollar] weakness remains a potential source of support.
"Stagnant mine output, reduced official sector sales, and robust ETF and retail demand are also supportive factors."
Meanwhile, Martin Murenbeeld, an analyst at Dundee Wealth Economics, claimed this week that gold prices could go as high as $2,300 during the current ten-year cycle.
He explained that he believes the yellow metal will trade at an average of $952 per ounce this year, $1,005 per ounce next year and $1,058 per ounce in 2011.
Gold bugs will be interested in Mr. Murenbeeld's comments as he has a reasonably impressive record of predicting price movements.
To Buy Gold today, avoiding wide spreads and storage costs – but still owning your physical Gold Bullion Investment outright with full legal title – be sure to visit BullionVault and claim a free gram of gold now...
HBSC confirmed that it is increasing its prediction for the performance of the yellow metal in the remainder of the year from $825 per ounce to $895 per ounce.
Chief commodities analyst James Steel explained that the decision was made as fears over the prospect of inflation are creating an increased demand for Gold Investment.
He told Reuters: "Inflation fears are supporting gold … Possible USD [US dollar] weakness remains a potential source of support.
"Stagnant mine output, reduced official sector sales, and robust ETF and retail demand are also supportive factors."
Meanwhile, Martin Murenbeeld, an analyst at Dundee Wealth Economics, claimed this week that gold prices could go as high as $2,300 during the current ten-year cycle.
He explained that he believes the yellow metal will trade at an average of $952 per ounce this year, $1,005 per ounce next year and $1,058 per ounce in 2011.
Gold bugs will be interested in Mr. Murenbeeld's comments as he has a reasonably impressive record of predicting price movements.
To Buy Gold today, avoiding wide spreads and storage costs – but still owning your physical Gold Bullion Investment outright with full legal title – be sure to visit BullionVault and claim a free gram of gold now...
Goldbug, 15 May '09
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