, IncDecember 1, 2009 – The price of gold has risen steadily since 201, and gold investors have seen no worse than a 5% annual return in the last eight years. While some investors believe that our economy is turning around and that gold has reached its limit for the current cycle, the air of uncertainty that surrounds our economy and has led a great many more investors and economists to believe that gold may climb even higher.
The price of gold at noon EST is $1199.40 per ounce, and earlier this morning gold reached a new historic high of $1201.80 per ounce on the COMEX division of the New York Mercantile Exchange (NYMEX). In the third quarter of this year, many banks and economists called for gold spot prices of $1050-$1100 before the end of 2009.
These projections have already been eclipsed by a long shot because of changes in the global gold scene, so these same prognosticators are now calling for the price of gold to rise to $1350-$1450 in 2010. India, China, and other nations have frantically scooped up gold from the open market in recent months, and these moves have been highlighted by India’s $6.7 billion purchase from the International Monetary Fund (IMF) on November 3.
There has been widespread speculation that the IMF’s remaining 200 tons of gold will soon be taken off the market by one of these gold grubbing countries, so US household investors have driven the gold spot price higher with their demand for hard, safe-haven assets. If you believe that the price of gold could escalate further, or if you are searching for a way to protect and privatize your assets during our current recession, contact GoldPrice.net directly to get your free information kit on investing in physical gold.
Stewart Lawson
Senior Staff Writer - GoldPrice.net
