Business Articles - Gold Price Update
Gold is selling close to $1,000 (£632) an ounce – up more than 20% over a year. Just five years ago, it was selling for just $400 (£253).
Concerns that inflation could rise are at the heart of the gold boom. While inflation will eat away at the spending power of currency, gold bullion tends to hold its value.
James Steel, precious metals analyst at HSBC, said gold's ability to rebound over the $1,000 level was impressive as previous rallies beyond this level had been followed by significant price corrections.
"The deterioration in the outlook for the US dollar combined with an improvement in investor risk appetite is propelling gold prices higher" said Mr Steel. "Gold appears poised to challenge its record highs of $1030.80 an ounce."
The highest level ever reached by the yellow metal was $1,030 per ounce, which it attained in March 2008, and it is currently trading at just under $1,000 per ounce.
Now the largest bank in Germany has announced that it is increasing its previous price estimate by over 30 percent in predicting that gold will surpass $1,100 per ounce in 2010.
‘It’s likely to be third time lucky for gold: the price has tested the $1,000 mark twice – in March 2008 and in February this year,’ says Bill O’Neill, portfolio strategist at Merrill Lynch Global Wealth Management.
‘If there is even a hint that central banks are being over-generous in their fiscal stimuli, gold will become everyone’s touchstone. Investors worried about the quality of the currency or government bonds they are holding will seek the reassurance of gold.’
Related Tags: investing in gold, gold investment, gold trading, gold bullion, buying gold, trading gold, gold bars, selling gold, trading desk
Your Article Search Directory : Find in Articles
Recent articles in this category:
- The No. 1 Rule For Projecting Confidence - Speak With Authority
One of the most important characteristics a person can project in a business setting - or any situat - After the Autumn Checkout European Debt Crisis and U.S. Brewing Rebound
In the commotion caused by the Fed on interest rates come to an end, the "disastrous" for the euro a - Advantages Of Arcade Game Rentals
There are many different advantages to arcade game rentals. Most people need something to release th - A General Primer on Truck Cargo Nets
In modern highways it is quite rare to see truck cargo nets in action, this is because they are usua - The United States Will Burst More Severe Financial Crisis
Not long ago, suddenly announced that the central bank to raise interest rates, the interest rate hi - Niche Marketing Profits - 3 Easy Steps to Finding a Profitable Niche Market Income in 10 Minutes
Like most beginners I was having a very difficult time trying to find a niche market to earn extra m - The Importance of Hospitality Management Consulting Firms Toronto
Businesses and the managers that help guide any business are in a constant state of improvement and - New Keynesian Theory Label
2010 winner of the Nobel Prize in Economics three theories have been labeled as "New Keynesian" labe - Federal Reserve Pouring Money QE2 Unpredictable Fortune
U.S. economist Milton Friedman proposed a "throw the cash from a helicopter" view, while the practic - Fiscal Consolidation Should no Longer Delay
British Chancellor of the Exchequer George Osborne today announced fiscal consolidation policy, shoc
Most viewed articles in this category:
- Common Financial Problems to Avoid
One must first change their habits and not procrastinate. American Consultants Inc at offers key fi - How a Bad Hire Can Hurt Your Business
What's worse - hiring the wrong person or not hiring anyone at all? Companies can become almost des - Joel Comm Is Dr. Adsense
What is Adsense? If you are new to making money online and net marketing, you may not know what Ads - 5 Steps For A Dynamic Wealth System Online
Recipe: Opportunity + knowledge + Dynamic Wealth System + Your Action = Massive Success!!! Step 1 - How To Stop Foreclosure
Losing your house to a foreclosure can be very scary. There are times when circumstances are ou - How to Always Pitch A Strike
As business owners, we are always working on new ways to convince people to become customers, client - Membrane Diffuser Solutions for Wastewater Treatment Systems
In the aeration basin of a typical wastewater treatment plant there are both organic and inorganic m - Another Year Hating Your Job or Loving Life?
Copyright © 2007 Mary Foley I've come to the conclusion that to be successful - really successf - Dyestuff Industry In India And China
World demand for dyes and organic pigments to touch $10.6 billion in 2008According to a study on dye - Cma-cgm Case : the Series of Lawsuits Continues in Syria, Lebanon, Egypt, France, England and the United States
Damietta company case : The series of lawsuits continues in Syria, Lebanon, Egypt, France, England a