Global Investor: Gold Breaks $1,000/Ounce
Sep 8th, 2009 | By Matthew Collins | Category: International InvestingGold hit the big “quadruple digits” while we were all relaxing on Labor Day. To be sure, it was just the December contract, which has since pulled back to US$997. But we haven’t seen US$1,000 since February, back when we had an insolvent financial system and a meddling government printing trillions like toilet paper.
Nowadays, we’ve got an insolvent financial system and a meddling government…but we’ve also got a questionable stock market rally too (one driven by the unprecedented volume on bailout stocks, might I add). Throw in growing Chinese demand and jewelry-buying season in India, and you just might be looking at a foothold in the US$1,000/ounce range.
“My forecast for gold in 2010 is $1,250 to $1,350 an ounce,” says our Investment Director Eric Roseman, “I think we’re long overdue for a major break-out north of $1,000 that will easily crack the March 2008 all-time high of $1,033 intraday.”
Source: Global Investor: Gold Breaks $1,000/Ounce
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